Head of Mines and Mineral Industries Commission of Iran Chamber of Commerce says Chinese are eager to invest in Iran’s mining sector, adding the arrival of foreign investment is a win-win interaction for the country.
Speaking to ILNA, Bahram Shakoori said that while the 25-year agreement between Iran and China is talked, Chinese are interested in investing in different sectors especially in Iran’s mining and mineral industries and some lucrative projects for foreign investment in the mineral industries are to be presented to the Chinese investors.
On the probable effects of Joe Biden victory in the U.S. election and reduction of sanctions, he said it seems Democrats and Biden have promised to rejoin the JCPOA and likely with the U.S. return to the JCPOA and its commitments to the P5+1, sanctions would lessen, and ultimately foreign companies, which have experience of cooperation in Iran and left the country due to sanctions, may return to Iran market.
Shakoori added that if by Biden’s presidency and his return to the JCPOA the ground is paved, some of the European, Asian, and other countries are keen to invest in Iran’s mining and mineral industries sector because this is an attractive sector for investors.
He said the arrival of foreign investments into the country is helpful and it will definitely accelerate the country’s development.
Shakoori added that it is natural that foreign investors are after their own profits but this can be a win-win interaction as our country is a developing country and it makes more profits for investors. He noted that country has many projects for investment but its resources are limited and this investment is not limited only to the financial one and the country needs import of technology which can be important for the country.
He went on to say that almost 50 percent of the mines in the country are closed because of a lack of sanctions and lack of machinery and equipment.
Shakoori said that almost 2.5 percent of the country is active in the mining sector and it can increase to 100 percent and if it happens, the country will have no need for oil revenues.