Domestic production saves Iran over €1.2b since Mar. 2019

January 19, 2020 - 14:19

TEHRAN - Iran's deputy industry, mining, and trade minister for industry affairs says domestic production has saved the country over €1.2 billion since the beginning of the current Iranian calendar year (March 21, 2019), IRIB reported.

“So far, the contracts and agreements signed [with domestic producers] with the support of the domestic production promotion expert desks have resulted in a reduction of foreign currency expenditure by 1.2 billion euros,” Mehdi Sadeqi Niaraki said.

Speaking in a gathering of the heads of the country’s industry, mines and trade organizations, Niaraki said: “The main focus of the [industry] ministry’s programs for the current year is on the domestic production boom.”

“So far, the industry ministry has managed to establish nine expert desks for promotion of domestic production in various areas including automotive, motorcycle, petrochemicals, and telecommunications, as well as copper and steel industries, and by the end of the current year (March 19, 2020) we will hold seven more such desks”, he said.

The official noted that the industry ministry’s programs for the promotion of domestic production are going to save $10 billion for the country in the next two years.
Since the U.S. re-imposed sanctions on Iran to pressure the country’s economy, Iran has been taking all necessary measures to mitigate the impact of the sanctions and counter the U.S. actions.

Improving and boosting domestic production has been one of the major strategies that Iran has been following in the past two years in order to increase its independence.

To this end, the Iranian government has put supporting domestic producers atop agenda in the current year.

Providing the required working capital for the production units and offering them facilities is one of the major measures being pursued by the government to support such units.


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