Iran has vast potential to attract foreign investors: official

Iran enjoys vast potential in attracting foreign investors to its transportation, food, medical, petrochemical and mining industries, Iran's Petro-Energy Information Network (SHANA) quoted an official Wednesday.

"Access to abundant energy resources, raw materials, mines, low labor costs, and skilful human resources provide us with unparalleled opportunities for foreign investors," Mehdi Karbasian, head of Iranian Mines and Mining Industries Development and Renovation (IMIDRO), informed an Iran-Italy commercial conference on Tuesday.

Karbasian added that foreign investors can establish joint ventures with Iranian partners to engage the country's vast potential in various economic fields.

Iran's First Vice President, Es'haq Jahangiri, had invited foreign investors earlier this month to get involved in developing projects in the country's petrochemical sector.

Development of downstream industries in the province of Lorestan in western Iran, is an opportunity that can transform the region into an industrial hub, Jahangiri was quoted by SHANA as saying.

He also said President Hassan Rouhani's Administration plans to attract foreign investors to develop the petrochemical sector.

Over 100 downstream sectors need to be developed in order to complete the Lorestan Petrochemical Complex, with its annual output capacity of 300,000 tons of low and high density polyethylene, Jahangiri said.

The complex will use 324,000 tons of ethylene gas annually, supplied via a cross-country pipeline originating from the gas-rich Assaluyeh region.

The Iranian Bank of Industry and Mines invested around 270 million U.S. dollars in the project.

The Lorestan Petrochemical Complex currently employs close to 580 individuals, and a further 5,000 are expected to be employed by downstream sectors, according to SHANA. Endit