The 2nd Global Steel Summit in Dubai hosted participants from all over the world. Amir Keshmiri, CEO of Central Iron Ore Development, one of the leading companies in the steel world, was among the participants. Amir Keshmiri took part as a speaker in the panel on the dynamics of the Persian steel market and future expectations in the sector.
Amir Keshmiri began his speech by announcing Iran's steel production capacity target. Keshmiri said Iran aims to increase its steel production capacity from the current 45 million tons to 66 million tons by 2032. Achieving this target will require an additional investment of 28.9 USD billion, he said.
Amir Keshmiri spoke about investment opportunities in Iran.
‘’Iranian steel companies will be able to cover 12.9 USD billion of these investments, but a shortfall of 15.9 USD billion will remain. Foreign investors are expected to cover 2 USD billion of these needs.’’ Keshmiri underlined that Iran has the necessary know-how, expertise and infrastructure, noting that local companies are actively investing and therefore present a great opportunity for foreign investors.
In his panel speech, Keshmiri said that Iran's new President Dr. Pezeshkian announced two weeks ago that 100 USD billion of the 200 USD billion needed for the country's 8% economic growth target would be provided from domestic sources, while the remaining 100 USD billion would be provided from foreign investors.
Keshmiri said that Iran's steel sector has great growth potential and that investing in this sector means not missing out on unique opportunities. The reasons that make Iran attractive for investment in the steel sector include a strong and expanding domestic market, existing infrastructure, low energy costs and an experienced workforce.
Amir Keshmiri emphasized the great opportunity of investing in Iran's steel sector.'“Local companies are actively investing and developing their infrastructure together with investors, which means that risks and rewards are shared. Iran's steel sector is ranked 10th globally and is a leader in the region. With high demand, low energy costs, a skilled workforce and a strong track record, it has huge growth potential. This represents a chance to get in early in a fast-growing sector.’’
“Together, through collaboration, investment and innovation, we can build something extraordinary,” Keshmiri concluded.
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