Will 8% economic growth be achieved? Impossible mission of stock exchange industrial companies
According to Tejarat News, in the days when the industrial and mining companies of the stock exchange had the voice of protest of many shareholders, they were tasked with achieving economic growth of eight percent. A mission whose success seems impossible. But what are the details of this mission?
Yesterday, the inauguration ceremony of 48 major industrial projects in the country, which will be implemented in 13 provinces and 27 cities, was held. The project is expected to produce 54 million tonnes of minerals, equivalent to $ 20 billion in annual revenue. Annual exports of these 48 projects are also expected to reach $ 11 billion.
Minister Samat, who was present at the operation ceremony of the project, said: “These projects will be implemented at the appointed time.”
Last night, Reza Fatemi Amin, in an interview with the news section of Channel 21 of the First Channel of the Islamic Republic of Iran, emphasized on setting an 8% target for the economic growth rate. According to him, these projects bring economic growth during the launch and implementation.
He also announced that large and top listed companies that have the financial and technical capacity have committed to investing in these projects.
The Minister of Economic Affairs and Finance also called these 48 projects the third axis of the non-inflationary roadmap and drivers of economic growth. Ehsan Khandouzi stated: By investing in this project, the industrial and mining companies of the stock exchange, in addition to supplying their production chain, will also strengthen the national infrastructure.
A trick to make up for the budget deficit!
Golgohar, Foolad Mobarakeh, National Copper Industries, Chadormelo, Mines and Metals Development and Parsian Oil and Gas Development companies are responsible for investing in this project.
A look at the names of the companies investing in the project is enough to minimize the hope of its success. First, there is no news of private sector participation in these 48 projects. Second, some of these companies have not had good returns on the stock exchange in the last six months. So that they were not immune from stock market turmoil and were seriously damaged by the downward trend of the capital market this year.
.For example, each share of the development of mines and metals with the symbol and mines, which was priced at 12 thousand and 500 tomans at the end of August, has now reached 9500 tomans.
On the other hand, it seems that these state-owned companies have been forced to invest in the current situation and have not set foot on this project on their own. Because it is unlikely that the company will be able to invest this amount in the face of sanctions and recession. Hence, new scandals of the government to compensate for the budget deficit through the capital of these companies are raised.
It is unclear how similar companies will be able to invest while closing 110 steel plants. As a result, if economic growth continues to rise over the next year, it should be attributed to the cooling of the Crohn’s recession and the possible lifting of sanctions. Otherwise, the industrial and mining companies of the stock exchange will be able to keep their shareholders satisfied at best.