Iran Marine Fund (IMF) is a state-owned enterprise of the

Ministry of Industry, Mine and Trade The Ministry of Industry, Mine and Trade () is an Iranian government body responsible for the regulation and implementation of policies applicable to domestic and foreign trade and also regulation and implementation of policies applicable to ind ...

of The Islamic Republic of

Iran Iran, officially the Islamic Republic of Iran (IRI) and also known as Persia, is a country in West Asia. It borders Iraq to the west, Turkey, Azerbaijan, and Armenia to the northwest, the Caspian Sea to the north, Turkmenistan to the nort ...

that works to convert the country's marine capacities into sustainable national interests. The fund was established to enable sustainable development in Iran's marine industry. It acts as an interface between the government and the private sector, while also providing developmental and strategic support. The Marine Industries Development Fund was established by Article 1 of the Marine Industries Development and Support Law, approved on 5 August 2008, by the

Islamic Consultative Assembly The Islamic Consultative Assembly (), also called the Iranian Parliament, the Iranian Majles (Arabicised spelling Majlis) or ICA, is the unicameral national legislative body of Iran. The parliament currently consists of 290 representatives, an i ...

. The Fund was approved by the

Council of Ministers Council of Ministers is a traditional name given to the supreme Executive (government), executive organ in some governments. It is usually equivalent to the term Cabinet (government), cabinet. The term Council of State is a similar name that also m ...

on 2 July 2010.

Objectives

The Fund objectives are to achieve sustainable development in the marine industry: interpretation, regulation and implementation of support to the marine industries in areas such as construction, repair, supply chain development and service and facilitation in solving problems and resolving deterrent factors that may hinder development.

Tasks

The Fund undertakes: * Planning * Financial support * Preferential tariff subsidizing domestic manufacturers that have won international tenders while maximizing use of native technical,

engineering Engineering is the practice of using natural science, mathematics, and the engineering design process to Problem solving#Engineering, solve problems within technology, increase efficiency and productivity, and improve Systems engineering, s ...

, production, industrial and executive forces * Support for domestic shipbuilders directly and by assisting applicants who purchase locally-built vessels * Subsidies for domestic manufacturers by covering part of unforeseen cost increases for materials and equipment for ship/marine construction * Subsidies to compensate for delays as a result of using ships from domestic manufacturers; * Subsidies equivalent to applicant income tax paid by domestic standards-compliant vessel owners * Subsidies equivalent to applicant income tax for ship repair in domestic yards for Iran-flagged ships

Mission

Marine Industries Development Fund mission

Fund mission

Facilitate the achievement of sustainable marine development through providing credit, technical and software assistance, investment and developmental research.

Policies

* Support ship construction/repair and marine industries * Secure supply chain * Reduce investment risks * Support coastal development and water accessibility * Expand transit and re-export * International partnerships * Develop exports * Encourage standards compliance * Develop marine insurance * Participate in offshore industries. * Support private and public sector needs

Article 1 of Marine Industries Development and Support Law

The government was permitted to establish the Marine Industries Development Fund (hereinafter referred to as "Fund") with initial capital of four hundred billion rials (Rls.400,000,000,000), in order to study, define, regulate and enforce support of the Marine Industries (manufacturing, production, repair and maintenance of various types of surface, surface effect and submersible vessels and offshore industry), and solve the problems and deterrents factors in compliance with environmental considerations, as stated in the statute.

References

External links

*
International Maritime Organization
{{DEFAULTSORT:Iran Marine Fund 2010 establishments in Iran Finance in Iran Financial services companies of Iran Ministry of Industry, Mine and Trade (Iran)