IFP - Iranian chain stores have created close to 25,000 direct jobs, the head of Iran›s Chain Store Union said.

«Around 50 trillion rials ($1.3 billion) worth of investments have been made by the public and private sectors in this field. At present, some 2,500 chain store branches are active across the country,» Amir Khosro Fakhrian was also quoted as saying by Mehr News Agency.

According to deputy minister of industries, mining and trade, Mojtaba Khosrotaj, Iranian chain stores have a 5% share in the retailing of goods across the country.

«Close to 1.8 million retail outlets are operating across the country This constitutes one for every 44 Iranians, which is not enough. The solution is to build more big shopping centers,” he said.

A memorandum of understanding on electronic trade and joint investments in hypermarkets and small chain stores was signed between South Korea’s largest retailer Emart and Iran’s Refah Chain Stores Company last year.

According to Refah’s CEO Farshid Golzadeh Kermani, the goal is to develop production of Korean products in Iran with a focus on technology transfer and quality improvement.

Refah has recently offered 52% of its shares worth 3.8 trillion rials (about $102 million) belonging to four major banks to investors in the domestic stock market.

Refah Chain Stores Company is one of the top 100 national brands with 230 branches across the country. Its nominal capital is estimated at around 10 trillion rials ($268.52 million).