Planning Underway to Turn $10bn Imports Into Domestic Production

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Minister of Industry. Mine and Trade Reza Rahmani said that planning is underway for converting $10 billion worth of imports to domestic production.

He made the remarks. with the planning made. Ministry of Industry will turn $10 billion worth of imports to manufacturing products in the country by 2021.

Rahmani pointed to the implementation of Preferential Trade Agreement (PTA) between Iran and Eurasian Economic Union (EAEU). which will be effective as of Oct. 27. and added. under the agreement. tariff rates on 502 Iranian products will be removed for EAEU member states.

Accessing financial resources and working capital is the main problem facing industrial and production units. he said. adding. according to the statistics of the Central Bank of Iran (CBI). 27 percent of loans and facilities paid to the industrial sector.

National production is a national duty. so that the Ministry of Industry. Mine and Trade intends to convert $10 billion worth of imports to domestic production by 2021. the Minister of Industry Rahmani added.