News ID: 264571
Published: 0344 GMT January 19, 2020

Domestic production helps Iran save €1.2b: Official

Domestic production helps Iran save €1.2b: Official

Domestic production helped Iran save €1.2 billion since the beginning of the current Iranian year (March 21, 2019), said deputy industry, mine and trade minister for industry affairs.

“So far, the contracts and agreements signed [with domestic producers] with the support of the domestic production promotion expert desks have resulted in a reduction of foreign currency expenditure by €1.2 billion,” Mehdi Sadeqi Niaraki said, reported IRIB.

Speaking at a gathering of the heads of the country’s industry, mine and trade organizations, Niaraki said: “The main focus of the [industry] ministry’s programs for the current year is on the domestic production boom.”

“So far, the Industry Ministry has managed to establish nine expert desks for promotion of domestic production in various areas including automotive, motorcycle, petrochemicals, and telecommunications, as well as copper and steel industries, and by the end of the current year (March 19, 2020) we will hold seven more such desks,” he said.

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 US reimposed 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 US 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.

To this end, the Iranian government has put supporting domestic producers atop its agenda in the current year.

Providing the required working capital for the production units and offering them facilities is one of the measures being pursued by the government to support such units.


 

   
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