Iran Industry Ministry plans to save $3.3b by surge in production

TEHRAN- Domestic production of industrial and mining products is planned to save the country over $3.3 billion in the current Iranian calendar year (began on March 20), Iranian Industry, Mining, and Trade Minister Reza Rahmani announced, IRNA reported.

Mentioning the Industry Ministry’s plans for reducing the imports of industrial equipment and machinery by $10 billion in two years, Rahmani noted that his ministry is going to follow its plan of strengthening domestic production more seriously in the current year, which is named the year of “Surge in Production” by Leader of Islamic Revolution Seyed Ali Khamenei.

According to the official, the ministry managed to reduce the industry and mining sector’s imports by $3.4 billion in the past calendar year.

“Positive measures have been taken for promoting domestic production in the country which will result in self-sufficiency and sustainable development in the long run,” Rahmani said.

In October 2019, the minister had announced that the ministry plans to reduce the country’s imports by $10 billion by the Iranian calendar year 1400 (March 2021-March 2022).”

According to the official, of the mentioned total $10 billion, $1.2 billion will be in the textile and garment industry, $500 million in cellulose products, $2.7 billion in petrochemicals, $2.4 billion in mining, $600 million in steel industry, $650 million in home appliances, $650 million in machinery, $1.4 billion in the automotive industry, and $250 million in electrical and electronic appliances.

Improving and boosting domestic production has been one of the major strategies that Iran has been following in the past two years to increase its independence.

To this end, the Iranian government has put supporting domestic producers atop agenda.

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