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Iran’s Chabahar region attracts $8b in investments
The Iranian government aims to increase investment in the region further, with a target of $14 billion for the year leading up to March 2024, Moqaddam added. Projects that commenced in Chabahar last year include a $2 billion factory to manufacture solar panels, which is set to employ 5,000 people during the construction phase and create 3,000 direct jobs upon completion in 2025.
Furthermore, the region finalized an $800 million steel plant, with foreign investors owning 80% of the shares. This plant is expected to boost Iran's steel production capacity by 3.5 million metric tons per year and create 6,000 direct and indirect jobs.
Analysts predict that investment in Chabahar will increase significantly once the port is connected to Iran's national railway network. The port's location on the Sea of Oman makes it an essential trade gateway between the Indian Ocean and landlocked countries located to Iran's east and northeast.
Investors are optimistic about the region's potential for growth and development, with increased investment in the area set to benefit both the local and national economy.