Iran's private sector has invested 161 trillion rials (over $700 million) in the country’s ports in the quarter ending June 20 despite the spread of the coronavirus pandemic which has resulted in lower activity in trade hubs.
The official IRNA news agency said in a Sunday report that total private investment attracted to various development projects in Iranian ports had exceeded 161 trillion rials (over $700 million) in the quarter ending June 20.
It said the investment was on top of 3.5 trillion rials (nearly $15 million) of funds provided by the Iranian administrative government to spur growth in ports south and north of the country.
The report said the investments over the period had come despite the general decline in activity in ports because of the pandemic and measures taken by the government to curb the virus.
Major equipment and machinery have been installed in Iranian ports, including new cranes and grain suction machines in ports north of Iran that are viewed as less developed compared to peers on the southern coast.
The report added that nearly 3 trillion rials worth of new investment would be focused on five major projects meant to boost business environment in the Iranian ports.
Iran has seen a general surge in port activity since the United States imposed its unilateral sanctions on the country in 2018.
The surge has been mainly due to Iran’s massive infrastructure projects that are meant to boost Iran’s non-oil trade with other countries.
A bulk of port development efforts are concentrated in Chabahar, in southeast Iran on the Sea of Oman, where Iran seeks to create a unique hub for trade between the Indian Ocean and landlocked countries located to its eastern and northeastern borders.