TEHRAN The government has allocated $500 million in foreign funds to renovate the textile industry, the Central News Bureau quoted the Minister of Mines and Industry as saying on Wednesday.

Ishaq Jahangiri also said that about $3.2 billion worth of minerals, handicrafts, agricultural, industrial and petrochemical products have been exported during the first nine months of the current Iranian year (ends March 21), and that 90,000 new jobs would also be created by then. He also mentioned that 3,500 industrial units begin operating in Iran on an annual basis.

The minister advised the textile companies that they are in need of redevelopment to submit their plans for structural reforms in terms of cost, as well as the necessary workforce, equipment and technology to the Ministry of Mines and Industries.