Germans may win Persian Gulf bridge project

Originally at: http://www.iranmania.com/News/ArticleView/Default.asp?NewsCode=30981&NewsKind=Business%20%26%20Economy

LONDON, April 16 (IranMania) – Germany is likely to win a multimillion-euro contract to construct a major bridge between the Persian Gulf island of Qeshm and Bandar Abbas Port on the mainland, reported ISNA.

A group of German experts has reportedly completed feasibility studies and is now involved in talks with Qeshm Free Trade Zone officials on signing a contract.

The 1,800-meter bridge would include a highway and a railroad.

Agreements have already been reached between the Qeshm and Hamburg authorities on the project.

Experts say the giant Persian Gulf Bridge project could become operational within three years provided foreign banks approve the required funds of over 500 mln euros.

Qeshm Free Trade Zone (QFTZ) has absorbed foreign direct investments (FDI) worth only $580 mln since 2000. Foreign investments in the Persian Gulf island during 1993-2000 had totaled $450 mln.

Economic activities of Iranian FTZs remain insignificant due to sluggish economy and constant lack of understanding among senior officials on the important role free trade zones can play in improving the country’s international transactions.

The tiny Persian Gulf state of United Arab Emirates has taken full advantage of Iran’s inability to lead the regional marine transit to boost its multibillion-dollar business.

This website is in support of keeping the name Persian Gulf.