TEHRAN (Iran News) – Iranian President Hassan Rouhani said his administration has opted for massive visionary investment in the country’s infrastructure despite economic woes caused by US sanctions.
Speaking to a group of petrochemicals and steel industry leaders in Tehran on Monday evening, Rouhani said infrastructure investment in Iran’s energy sector would prove worthwhile in a few years’ time despite current criticism that his administration should have spent more to control a rampant foreign currency market, Press TV reported.
“Others planted and we ate. We should plant, so others may eat. It is a proverb of ours that goes back to old times, it is a wise and realistic word,” said Rouhani.
He said his government, in office since August 2013, has already spent $14 billion to develop Iran’s petrochemical sector, adding that the industry would continue to expand through a further investment of $8 billion.
Iran has seen a major decline in oil revenues mainly because of unilateral US sanctions while the national currency rial has lost much of its value since 2018 when the US launched its economic terrorism dubbed “maximum pressure” against Iran.
Critics say Rouhani’s government should have injected more foreign currency into the forex market to control fluctuations in the price of the rial.
“Basically, this is an incorrect mindset. We have a heavy and paramount duty toward the national interests and (toward) our people, no matter what government is in office,” Rouhani added.
Lower exports of crude have been partly compensated by increasing shipments of petchem products from Iran, said Rouhani, adding that output for refined products had doubled since 2013, including the production of gasoline which he said had increased from 50 million liters per day to 110 million liters currently.
- source : Iran Daily, Irannews
