First Vice-President Parviz Davoudi said here Monday that Iran welcomes foreign investments in its mining sector.
Addressing the 20th World Mining Congress (November 7-11) here on Monday, Davoudi said mining is a lucrative sector for business in Iran.
He advised foreign investors and entrepreneurs to benefit from expertise of Iranian mining experts.
Elsewhere in his remarks, Davoudi said the government seeks technical promotion in the exploration and extraction sectors, purchase of the intellectual property, improvement of design skill and implementation of mineral projects as well as attraction of related know-how.
He said the mining industry holds a share of 0.7 percent in Iran's national economy, which is meager compared to the international standards.
Highlighting Iran's advantages in the mining sector, including cheap labor, abundant mineral resources, technical know-how and proper geographical location in the region, Davoudi said the government has set up an insurance fund to minimize the risk of investments in the mining sector.
He said that further more, the government plans to set up special economic zone and extend technical assistance to the non-governmental sector to get involved in the mining activities.
He added that government plans to draw up plans in support of the mining sector, while taking environment protection into consideration.