Iran to invest $30bn in industrial sector

INVESTMENT BOOST: Iran said it planned to invest $29.5 billion in its industrial sector by March next year. (Getty Images)

Iran plans to invest more than 300 trillion rials ($29.5 billion) in its industrial sector by March next year, the country's minister if industries and mines said on Saturday.

Ali Akbar Mehrabian said in comments carried by state news agency IRNA that the government would implement 1,153 industrial projects at a total cost of 130.2 trillion rials by the end of the current Iranian year, which began March 20.

Over 90 trillion rials and 70.2 trillion rials will be invested in the sector by private and state-run companies respectively, he said.

Mehrabian said the investment would boost cement production capacity 64 million tonnes from 54 million tonnes, increase steel production capacity 17 million tonnes from 10 million tonnes and raise aluminium and copper production to 245,000 and 383,000 tonnes.

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