Iran Invests $857Mn in Maritime Industry

Iran's Ports and Maritime Organization (PMO) has allocated 36 trillion rials (about $857.2 million) allocated 36 trillion rials ($857.2 million) to develop the country's maritime industry, including the construction of 83 vessels.

Mohammad Rastad, head of PMO said that PMO has taken significant measures regarding the improvement of the country’s maritime industry.

The maritime industry transformation plan was prepared by the Ministry of Transportation and Urban Development in collaboration with the Defense Ministry back in 2019.

According to Rastad, the plan which has already begun is mainly focused on improving the country’s ports and maritime fleet.

The program includes a project for the construction of 40 vessels, for which the contracts worth 24 trillion rials (about $570 million) have been signed with domestic companies.“In addition to the mentioned vessels, another project for building 43 new vessels has been also awarded to four different shipbuilders inside the country, and 14 trillion rials (about $333 million) has been allocated for this project as well,” the official added.

He further stressed that the modernization of the passenger fleet should also be taken into serious consideration, adding that the capacity of the country’s passenger shipping fleet should also be increased.

Focusing on the development of the production and reliance on domestic production are the two main features considered in the planning for the development of the country’s maritime industry, the official said.