Iran to form compensation fund for damaged industrial units

Iran’s Minister of Industry, Mine and Trade, Seyyed Mohammad Atabak, has announced the formation of a compensation fund to support industrial units damaged during recent conflicts. During a virtual session of the Iranian Parliament, Atabak reported that the Ministry of Industry, Mine and Trade suffered significant impacts, with 269 industrial and commercial units affected in the first wave and 3,396 units affected during the Ramadan conflict.

To facilitate reconstruction, the Ministry has submitted 40 formal requests to the Plan and Budget Organization and the Ministry of Economy to establish this fund. Atabak noted that the steel sector was among the areas most severely impacted.

Parliamentary members emphasized the need for smart reconstruction that prioritizes the revival of production chains rather than simply replacing old technology. Discussions also highlighted concerns regarding the shortage of raw materials, machinery, and energy stability, which have hindered investment and production capacity in the industry, mining, and petrochemical sectors.