IP - The President described the signing of a 7 billion dollar memorandum of understanding for investment in the shared Azadegan oil field as an example of mobilizing the country's internal power.

Iran PressIran News: Ebrahim Raisi was speaking on Tuesday afternoon during the signing ceremony of the "Memorandum of Integrated Development of Azadegan Shared Oil Field" between the National Iranian Oil Company, the Iranian banks, and the domestic exploration and production companies.

Raisi said, "Directing liquidity in the direction of production growth, benefiting from domestic technical capabilities, and attracting domestic investment is very effective in the economic growth and progress of the country."

He described capital attraction and investment in the field of production boom and job creation as among the most important needs of the country today. He said, "One of the goals and reasons for the implementation of economic reforms is to provide the basis for attracting capital to production."

The president said that the achievement of the 8% economic growth target depends on the increase in investment, adding, "The work done today as a result of the synergy and coming together of large economic companies as drivers of the economy to implement the integrated development plan of the shared Azadegan oil field is the first step in creating the fields of attracting capital in the path of production and economic growth."

"Economic experts agree that creating liquidity is a cause for concern when it is not directed towards production, but if the increase in liquidity is used to promote and strengthen production bases, there will be no concern," Raisi stated.

The president said that one of the most critical sectors for attracting investment and boosting production was the oil and petrochemical sector, adding, "What happened today was the signing of a memorandum of understanding between banks and large economic and technical companies for the implementation of a large oil project, in addition to providing resources for the implementation of a large project. It was an example of mobilizing domestic power for improving the confidence of private sector investors and people to participate in such large projects."

Raisi emphasized that improving productivity should be considered along with attracting capital, and noted, "Increasing investment and improving productivity will lead to economic growth."

The president stated that the conclusion of this memorandum should be taken as auspicious to synergize internal resources and capabilities.

Raisi considered the implementation of such plans as an example of the effort to realize the slogan of the year 'production, employment, knowledge-based and added, "Attracting large funds and resources of banks and large economic companies for the development and progress of the country is a source of confidence for the people and disappointing for the enemies."

The President concluded, "In recent years, investment in the basic infrastructure of the country, including railways and electricity and the like, especially oil and energy, was not done as it should have been, but we did not wait for outsiders, and therefore the people will see the promising and proud results of these investments."