Domestic production to save Iran $10b in 2 years

Iranian Industry, Mining and Trade Minister Reza Rahmani said that relying on domestic production will save $10 billion for the country in the next two years, IRIB reported.

Speaking in a ceremony on indigenizing production of telecommunications equipment on Tuesday, the minister said that of the mentioned $10 billion, some $500 million is predicted to be earned through domestic production of telecommunications equipment, and $400 million via indigenizing production of car parts, of which $300 million has been already achieved.

“Today, all available potentials and capacities in the country are being used to materialize the target of domestic production and the Ministry of Industry, Mining and Trade will spare no effort in this due”, Rahmani further emphasized.

He said the country aims to produce electrical, automobile and telecommunications goods and double exports to 15 neighboring countries in order to reach a target value of $48 billion.

Last month, Leader of Islamic Revolution Ayatollah Seyed Ali Khamenei said government officials should ban the import of goods that are also produced domestically.

Since the U.S. re-imposed 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 U.S. 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, Iranian government has put supporting domestic producers atop agenda in the current year.

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 these units.

source: Tehran Times

Ministry of Industry Domestic Production Reza Rahmani