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
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
