Iran unveils Kish Stock Exchange
Azerbaijan, Baku, Dec.24 /Trend, A.Yusifzade /
Iran has inaugurated the Kish Stock Exchange in the southern Iranian island to facilitate foreign investment and monetary activities, Iranian economy minister Seyyed Shamseddin Hosseini was quoted by ILNA as saying.
Seyyed Shamseddin Hosseini told media on Friday that private investors have allotted a building complex to different economic sectors in Kish.
"Iran has made efforts to soften the tense official regulations to draw more foreign investments, he said. He noted that these investments increased by 95 percent in the country.
Hosseini also pointed out that Iran has modified and developed general and "key economic policy" during the last years.
Regarding the targeted subsidiary plans, the minister echoed Iranian President Mahmoud Ahmadinejad's prediction that the program would benefit economic sectors.
He added that it would also save billions of dollars in fuel consumption.
The targeted subsidiary plans will eventually slash all government subsidies in place since the 1979 Islamic Revolution.
Implementing of the plan was launched in the country on Sunday.
Ahmadinejad said last week that the plans were guaranteed to lead to a better economy, since people would start saving on energy consumption, making it possible to export the extra reserves and pump the money back into the country's economy.
The president also reasoned that higher prices would encourage people to use less fuel and cause less harm to the environment, especially in heavily-polluted Tehran.
According to the new rationing system, the price on gasoline raised by fourfold from 1,000 rials (10 cents) per liter to 4,000 rials (40 cents) per liter as of Sunday.
Fuel beyond a person's quota which is 50 liters per month is now sold at 7,000 rials (70 cents) per liter.
There is no limitation in the master plan, laws and regulations ruling Kish Free Trade Zone for investment in industry, trade or production sectors.