SHANA (Tehran) – A presidential adviser said Iran’s petrochemical industry could become one of the country’s main engines of wealth creation and economic growth by easing investment procedures, cutting red tape, tapping small-scale foreign currency investments and leveraging the capacity of new technology-based firms.
Masoumeh Aqapour, adviser to the president for economic cooperation, made the remarks Sunday at the first Petrochemical Industry Investors Conference in Tehran. She described the sector as one of Iran’s comparative advantages, saying petrochemicals have helped curb crude exports and can generate significant revenues while paving the way for national wealth creation.
She said the petrochemical industry currently accounts for about 8% of Iran’s gross domestic product and should therefore be treated as a priority among the country’s flagship projects. Aqapour added that the sector is one of three key growth-driving industries receiving special attention from the 14th administration.
Aqapour said investment in petrochemicals rests on three pillars: political security, public trust and economic stability. She noted that international efforts are underway to strengthen political security and said that despite what she described as unjust sanctions, Iran can overcome current challenges through perseverance.
Streamlining Investment, Cutting Red Tape
Emphasizing the need to provide the industry with all necessary tools, Aqapour called for the formation of a dedicated task force on investment so petrochemical projects can move forward without complex procedures.
She said provincial governors have been instructed to issue investment files and permits for petrochemical projects on a no-name basis, allowing them to be transferred to investors quickly once interest is expressed.
Aqapour also stressed the importance of using small-scale foreign currency investments to launch foreign exchange–based projects. She urged petrochemical companies to make better use of talented young people and knowledge-based firms, adding that closer cooperation between the industry and the Vice Presidency for Science and Technology could help advance this approach.
She said measures adopted by the oil minister and the deputy minister for petrochemicals are expected to lead to positive developments in the sector.