Almost US$1 billion in foreign investments is going in to Iranian ports and shipping, according to the Managing Director of the Ports and Maritime Organisation, reported the Tasnim News Agency
It is reported that nine current investors have submitted bids for the development of the Shahid Rajaee port alone, and since the anti-Tehran sanctions have been lifted many more are expected to contribute to the development of the infrastructure and shipping operations.
Mohammad Saeednejad, the Managing Director of the Ports and Maritime Organisation, said: “New contracts worth nearly $1 billion to develop the country’s ports will be signed this (Iranian year- ends on March 20)”
Following the lift of the ban, which was implemented due to nuclear tensions with the US and Russia primarily, many shipping companies are choosing to move calls to Iran; it is hoped by many in the industry that the new market may relieve the industry slump at the current time.
Both MSC and Maersk Line resumed their calls to the Middle Eastern nation, with MSC resuming services in late 2015 and Maersk following suit in October, 2016 after a five year hiatus on entering Iranian ports.
The Iranian container line Islamic Republic of Iran Shipping Lines is expected to have recovered the business it lost as a result of the international sanctions by mid-2017.