News ID: 264173
Published: 0406 GMT January 10, 2020

2019 saw Iran industry output growing 10%: Rahmani

2019 saw Iran industry output growing 10%: Rahmani

Production of major industrial products in Iran during the first nine months of the current Iranian calendar year (March 21-December 21, 2019) increased by 10 percent year on year, said the industry minister.

“According to statistics, during this period, exports surpassed imports; the country's trade balance was positive, and we had export growth of nearly 20 percent in terms of weight,” Reza Rahmani said in an expert desk on the promotion of domestic production, IRNA reported.

Stressing the importance of domestic production in the country’s economic growth, the minister said relying on domestic products will save $10 billion for the country by March 2022.

The official pointed to product quality, on-time delivery, and pricing as the three major factors for competition on global markets, adding that the time factor was the most important and had to be taken seriously by Iranian traders and producers.

Since the US reimposed sanctions on Iran in May 2018 to pressure the country’s economy, Tehran has been taking all necessary measures to cushion the impacts of sanctions and counter them.

Improving and boosting domestic production are the key strategies that Iran has been using in the past two years to increase its self-sufficiency.

Providing required capital for manufacturers and offering them facilities are among major measures taken by the government to support producers.

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