TEHRAN – Five of Iran’s top enterprises have signed memorandums of understanding (MOUs) with the Industry, Mining, and Trade Ministry to invest three quadrillion rials (about $71.4 billion) in industrial projects.

The mentioned MOUs have been signed under the framework of a program dubbed “Resilient Economy with Top Enterprises” in which the Industry Ministry defines new projects for the country’s top companies to invest in.

As reported, the signing ceremony, held on Wednesday, was attended by the Industry, Mining, and Trade Minister Alireza Razm Hosseini, along with some governors, members of the parliament, and judiciary officials.

The MOUS cover investment in more than 100 projects in various areas including mining and mineral industries, food industries and home appliance.

National Iranian Copper Industries Company (NICIC), Golgohar Mining and Industrial Company, Zar Food Industrial Group, Iran Radiator Company, and Gohar Zamin Iron Ore Company were the signatories of the mentioned MOUs.

In the first phase of the Resilient Economy with Top Enterprises scheme which was started in March, Industry Ministry had signed deals worth 1.52 quadrillion rials (about $36.1 billion) with five other major companies to conduct 62 projects in the fields of mining and mineral industries, food industry, machinery, and refining industries.

Back in March, Deputy Industry Minister Saeed Zarandi had said that the Industry, Mining, and Trade Ministry is implementing the “Resilient Economy with Top Enterprises" scheme for promoting investment in the country’s industrial sectors.

According to Zarandi, as a preparation for the mentioned program, the Industry Ministry has been identifying pioneering companies in order to award them the country’s major development projects.

“We believe that the country’s economic development, in line with the policies of the resilient economy, requires increasing productive investments based on competitive advantages and completing the value chain in various industries,” Zarandi had said.

Every year, the country’s top 100 companies are ranked by the Industry Ministry according to their performance in the fields of production and export, job creation, and value-added.

EF/MA