TEHRAN - Iran’s Ports and Maritime Organization (PMO)’s Deputy Head for Ports and Economic Affairs Farhad Montaser Kouhsari says investment in the country’s ports increased by 61 percent in the previous Iranian calendar year (ended on March 19) compared to its preceding year, IRIB reported.

According to the official, in the past few years, PMO has changed its approach and strategies from authority and ownership to supervision and support and that has had a great impact on the involvement of the private sector in the port projects and has increased the level of investments.

“This change in approach has had a positive effect on the private sector performance and has encouraged investors to engage in economic activities in the country's ports,” Kouhsari said.

According to the official, preparation and updating of various packages for attracting domestic and foreign investment, and development and updating of appropriate regulations to allocate a percentage of government revenues from maritime trade activities to the development of coastal areas and protection of the marine environment can be mentioned as factors that can contribute to the increase of investment in the country's ports.

He further underlined the establishment of specialized maritime insurance companies and supporting the insurance companies active in this field for providing special insurance coverage are other factors that can increase investment in the Iranian ports.

Facilitate the issuance of guarantees by Iran Marine Fund, granting facilities according to the participation and operation in marine projects, upgrading Iran Marine Fund to the level of a maritime development financial institution and the provision of appropriate working capital, as well as the development of executive regulations for acknowledging international maritime industry and service activities as export products are other issues that have been reviewed by the Ports and Maritime Organization to attract more investment in ports.

EF/MA