Over $16.5b needed for industry ministry's ‘surge in production’ plans

April 18, 2020 - 15:37

TEHRAN – Iranian Industry, Mining and Trade Minister Reza Rahmani said the country’s production units need 700 trillion rials (over $16.6 billion) of investment to realize the “surge in production” intended by the Leader.

“Unlike other ministries, we don’t need the government’s direct investment to carry out industrial projects; the mentioned 700-trillion rials resources are not going to be given to the ministry, but will be injected directly into various production units across the country,” Rahmani told Tasnim on Saturday.

“The needed funds will be provided through banks, stock exchange, the National Development Fund (NDF), and investment funds,” he said, adding “we expect the growth in the country’s industrial sector to become positive by the end of the current [Iranian calendar] year (ends on March 20, 2021).”

Referring to the great capacities of the country’s industrial and mining production sectors, the official said: "Industry is one of the major sectors of Iran's economy, as the share of industry, mining and trade sectors in the country’s gross domestic product (GDP) is about 35 percent, and it also accounts for 30 percent of employment in the country."

Earlier this month, Rahmani outlined his ministry’s major programs for supporting the domestic production in the current calendar year that is named the year of “Surge in Production” by the Leader of Islamic Revolution Ayatollah Seyed Ali Khamenei.

Developing technology and promoting knowledge-based industries, development of domestic production in line with the Leader’s stresses on surge in production, managing imports and development of non-oil exports, improving the business environment, development of financing and investment and finally development of logistics were reported to be the seven major axes of the Industry, Mining and Trade Ministry’s works in the current year.

EF/MA

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