Monday, January 26, 2009

$100b Privatization Projected - Malaysiakini

TEHRAN, Jan 25 (Dispatches) - Economy Minister Shamseddin Hosseini said the involvement of domestic and overseas Iranians is needed to turn challenges into opportunities.

Hosseini added that Article 44 of the constitution (which seeks large-scale privatization) has created proper opportunities for domestic and foreign investors, Fars News Agency wrote.

"The value of privatization has been assessed at $100 billion, of which $60 billion will be privatized in the next six years," he said.

The privatization process is underway in the sectors of oil, gas, petrochemicals and telecommunications.

The minister noted that although the Iranian economy is less affected by the global credit crunch, it has been affected due to its relations with world trade.

Hosseini stressed that the Iranian bourse did not suffer and witnessed a 25-percent growth during March-September 2008.

He said that with the reduction in oil price, the global crisis has affected the bourses of many countries.

"The ministers of economy, foreign affairs, oil and industries as well as the governor of the Central Bank of Iran and vice president are in charge of studying the global financial crisis and its effects on Iran's economy," he said.

Hosseini added that the Economy Ministry has prepared a rescue package to encounter the crisis, which calls for supporting the capital market, production market, bourse brokerages and foreign investments.

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