TEHRAN – Despite the restrictions and limitations created by the outbreak of the coronavirus, Iranian ports managed to attract 3.57 trillion rials (over $85 million) of investment in the first three months of the current Iranian calendar year (March 20-June 20).

The mentioned investments have been done mainly with the aim of developing and maintaining infrastructure and equipping ports, IRNA reported.

Also to facilitate business in the country’s ports, 2.836 trillion rials (about $67.5 million) was also invested by the private sector in the form of five contracts during the said period.

Accordingly, the total amount of non-governmental investment in the country's commercial ports has reached 161.235 trillion rials (about $3.83 billion) in the form of 333 contracts.

As reported, Iran’s Ports and Maritime Organization (PMO) also implemented or studied over 580 projects worth 151.025 trillion rials (about $3.59 billion).

The construction of six floating wharves for passengers and tourism in Soheili and Gurzin ports in Qeshm and Hengam Islands in the southern Hormozgan Province, and continuing the third phase of Shahid Rajaei port’s development project are also among the PMO achievements this spring.

Back in April, PMO’s Deputy Head for Ports and Economic Affairs Farhad Montaser Kouhsari had said 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.

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.

Montaser pointed to the 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.

Facilitating 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 were also among the issues that have been considered by the Ports and Maritime Organization to attract more investment in ports, according to the official.

EF/MA