ArmInfo.SHASTA, the large Iranian holding, the investment arm of the Social Security Investment Company (SSIC), is considering investing in a number of areas in Armenia. This became known after the meeting of the Minister of Economy of Armenia Vahan Kerobyan with the delegation of the Iranian holding, headed by Director General Mohammad Rezvanifar.
In particular, on his Facebook page, the Minister of Economy of the Republic of Armenia said that during the meeting the parties discussed the prospects for cooperation and investment in a number of areas, including pharmaceuticals, construction of infrastructures, production of building materials, etc.
It should be reminded that on January 25, a delegation of the Ministry of Economy headed by Vahan Kerobyan made an official visit to the Islamic Republic of Iran, within the framework of which meetings were held with the heads of a number of state departments. During the meetings, Minister Kerobyan with high-ranking officials of Iran discussed the possibilities of bilateral cooperation and further programs in the spheres of high technologies and science, finance and economy, trade, investment, transport and energy. In particular, a memorandum of cooperation was signed to strengthen Armenian-Iranian business ties and encourage joint investment projects. It was reported that the Armenian delegation also held a meeting with the leadership of the SHASTA holding and the <Mapna> company.
To note, the investment arm of the Social Security Organization, also known as SHASTA, controls nine holdings operating in a wide range of sectors, including oil, petrochemicals, pharmaceuticals, cement, transportation and finance. The assets controlled by the company are in the order of 350 trillion riyals ($ 9.02 billion). In total, the company has invested about 500 trillion riyals ($ 12.8 billion) in various projects, including a pharmaceutical plant in northwest Iran, a cement plant in Iraq, and a mining project in Africa. SHASTA, Iran's largest public investment company, held an IPO last year on the Tehran Stock Exchange, offering 10% of its shares for sale to private investors. The Social Security Investment Company (SSIC) provides health and retirement benefits to a large portion of Iran's middle and working class labor force. Note that, according to the RA Statistical Committee, as of January 1, 2021, the gross volume of investments from Iran in Armenia amounted to $ 7 million (most of which FDI), against $ 7.2 million as of January 1, 2018 (most of which FDI). During this period, the calculated exchange rate of the dram against the dollar changed from 484.10 AMD / $ 1 to 522.59 AMD / $ 1.
