“Water and electricity services account for almost 60% of Iran's total exports of technical and engineering services,” Ali Akbar Mehrabian was also quoted as saying by IRNA on Monday.
In 2016, water and power services made up 40% of engineering exports, which has now increased to 60% and is expected to rise further in the next two years, he added.
Mehrabian noted that the ministry is keen on supporting domestic companies to increase the export of technical and engineering services.
“Raising funds from domestic investors to carry out water and power projects is on the agenda of the ministry," he said.
According to data published by the ministry, Iranian contractors have completed 100 energy projects overseas worth at least $5 billion over the last few years.
Power experts, including Alireza Kolahi, the head of Iran Electricity Industry Syndicate, believe that Iran has the potential to become “one of the largest exporters of technical and engineering services in the Middle East”, thanks to its rich mineral deposits and massive hydrocarbon reserves.
“To manufacture power cables, copper and petrochemicals are required. Iran is rich in raw materials. It sits on approximately 5% of the global copper deposits and can become a major petrochemical producer with its large oil and gas reserves,” he said.
"The country should move toward making better use of its natural resources to produce products with higher value-added."
Although the value of Iran’s overseas power projects pales in comparison with that of other countries, the water and electricity sectors have performed far better than other industries.
Established in 2000, Iran Electrical Industry Syndicate has 450 members, including manufacturers, contractors and consultancies from the electrical industry. It has a mandate to help promote Iran’s electrical industry in other countries.