Oct 18, 2019 05:18 Asia/Tehran [Updated: Oct 30, 2019 08:54 Asia/Tehran]
  • Iranian minister of industry and trade Reza Rahmani visited the southwestern port city of Bushehr on Thursday PHOTO: by Tasnim
    Iranian minister of industry and trade Reza Rahmani visited the southwestern port city of Bushehr on Thursday PHOTO: by Tasnim

Iran’s minister of industries and trade has said the country will spend nearly 300 million euros to build 200 large vessels as foreign companies avoid offering services to Iran due to US sanctions.

Iran Press/Iran news: Speaking to reporters in the southwestern port city of Bushehr on Thursday, Reza Rahmani said, "We have defined a target for construction of 200 commercial and cargo vessels as part of the development plan for maritime industries, and some €300 million will be invested in this field."

Rahmani said shipyards in the region and other locations in the south and north of the country had been experiencing a boom in activity since the US re-imposed its sanctions on Iran.

"Our ships and vessels no longer sail abroad for repair and maintenance," said the minister, adding that Iran's shipyards have carried out more than 100 maintenance operations on vessels of various sizes since March 2019.

According to the official, Iranian shipyards are technically capable of performing more than 80 percent of the repairs needed for ships, adding the country has reached self-sufficiency in ship repairs and maintenance services.

Rahmani added that some 60,000 new jobs will be created in Iran’s shipbuilding industry as a result of the government’s massive investment plan, and another 100,000 people will be indirectly employed through the supply chain needed for the shipbuilding industry.

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