(Minews) - Global interest in Iranian heavy industry has grown since last week’s nuclear accord held out the prospect of an end to sanctions, according to a top official.
“Many, many foreigners have contacted me; they are ready to jump in,” Mehdi Karbasian, Iran’s deputy minister for industry, mines and trade, said in an interview in the central Iranian city of Yazd. E-mails have come from France, Germany, Belgium, the U.K., Australia and Canada, he said.
“Tomorrow, I’m having a meeting with a group of Indian investors and traders, and by the end of the week I will meet with Russians,” Karbasian, who was educated in the U.S. and Britain, said at a factory where the Iran Alloy Steel Co. produces 500,000 metric tons of steel a year.
Tehran took the first step toward ending its economic isolation last week when it reached an outline accord with the U.S. and other leading powers to resolve a decade-old nuclear spat. The deal, if finalized by June 30, could prompt the U.S. and Europe to lift sanctions that barred investment in much of the Islamic Republic’s economy.
Under sanctions, Iran became more self-reliant in some industries. Domestic steel production for example grew 6.5 percent to 15.4 million tons last year, more than double the global growth rate of 2.4 percent, according to the World Steel Association.
Foreign investors who want to enter Iran’s mining sector will be greeted by “very good” laws protecting their assets, Karbasian said without providing further details. Foreign companies will be allowed full ownership of mining ventures, he said, adding that an investor conference is planned for May.
