Iran targets 12.7% industrial growth for next fiscal year

March 11, 2022 - 11:51

TEHRAN – Iranian Industry, Mining, and Trade Minister Reza Fatemi-Amin said his ministry has targeted a 12.7 percent growth for the country’s industrial sector for the next Iranian calendar year (begins on March 21), the ministry’s news portal Shata reported.

Speaking at the inauguration ceremony of 100 revived idle industrial units on Thursday, Fatemi-Amin mentioned the government’s plan for an eight-percent economic growth in the next fiscal year, saying: “Realizing this goal requires a 12.7 percent growth in the industry sector.”

“In the mining sector we must achieve a growth of 10 percent and in the field of agriculture, a growth of nine percent must be realized,” he added.

The industry minister stated that if the eight-percent growth targeted for the next calendar year is achieved, the country will return to the pre-sanctions production levels, adding: “So, the existing capacities are enough to return the levels of production for two years ago, and we only need to activate these capacities.”

Fatemi-Amin pointed to the revival of idle and semi-active industrial units and the completion of semi-finished projects as a step towards the realization of these capacities, and said: "If we want to reach the mentioned eight-percent growth and even improve it, we must move towards promoting investment [in the country]."

Referring to the unveiling of 48 major investment projects this year he said: "The positive impacts of these investment projects and the projects that will be inaugurated next year will be tangible in [the Iranian calendar year] 1402 (starts in March 2023)."

He also mentioned some of his ministry’s programs for supporting domestic production in the coming years and said: “We have started a chain financing plan in collaboration with the Central Bank of Iran (CBI) and the Ministry of Finance and Economic Affairs, which will increase the efficiency of available resources [for the productive sectors] by more than 30 percent.”

Back in January, CBI and the Industry, Mining, and Trade Ministry signed a memorandum of understanding (MOU) with seven acting banks to collaborate on implementing the supply chain financing plan.

The MOU was signed on January 1, in a ceremony attended by Fatemi Amin, CBI Governor Ali Saleh-Abadi, and Finance and Economic Affairs Minister Ehsan Khandouzi.

Later, on March 7, the industry ministry signed another MOU with five other acting banks to collaborate on implementing the chain financing plan to provide facilities to production units across the country.

EF/MA

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