Over €1b saved through domestic production since March 2019

September 6, 2020 - 12:8

TEHRAN – Relying on domestic production in various industrial sectors has saved Iran €1.045 billion in a 17-month period since the beginning of a program for the promotion of domestic production in the previous Iranian calendar year (ended on March 19) up to August 21, ISNA reported.

According to the Industry, Mining, and Trade Ministry data, in the mentioned period, 11 expert desks have been held for the promotion of domestic production in various industrial sectors.

As reported, the steel and copper industries had the biggest share in the mentioned figure with €440 million worth of domestic products, followed by the automotive and motorcycle industries with €340 million.

The share of the oil, gas, and petrochemicals and telecommunication equipment, electricity, and electronics were 140 and 120 million euros, respectively.

Holding 10 expert desks for the promotion of domestic production in the previous Iranian calendar year led to saving €979 million for the country.

Three of the mentioned desks were for the auto industry, and the fourth desk was held in the fourth Iranian calendar month of Tir (July 21) during which it was announced that €66 million worth of new parts and equipment are set to be indigenized in the current year.

Back in January, Deputy Industry, Mining, and Trade Minister for Industry Affairs Mehdi Sadeqi Niaraki said the main focus of the ministry’s programs for the current year will be on the domestic production boom.

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.

EF/MA

Leave a Comment

1 + 6 =