In response to the declining oil prices, Iran plans to increase the mining sector’s share in the country’s GDP from the current less than 1% to more than 2% within ten years, reported Trade Arabia, citing a study by a consultancy firm, Frost & Sullivan.

The study – ‘Iran Drifts to Non-Oil Based Sectors, Mining Sector to get Impetus’ – revealed that the Islamic Republic is targeting growth in relevant downstream industries to push up their contribution to the GDP from 5% to 20% by 2025.

Tehran envisions to achieve the goal by attracting over $20b worth of foreign investments into the mining and downstream sectors, that will help upping growth, employment, and value-added activities, following the sanctions removal scheduled for early 2016.

According to Zawya, Iran is also looking into privatization as means of boosting its mining sector, while diversifying away from oil, as outlined in the country’s 6th Development Plan.

Iran’s Association of Banking & Credit Investment Consultants Chairwoman, Homa Gousheh, affirmed that foreign investments, which Tehran is seeking to win, will be protected by the Iran’s Foreign Investment Promotion and Protection Act (FIPPA).