Boosting Exports Best Way to Improve Economic Conditions

Iran`s Minister of Industry. Mine and Trade Reza Rahmani underlined that the best way to save the country under the current circumstances and the economic war imposed by the US against the Islamic Republic is through developing export. and said that all available capacities should be used to improve the present situation.

The export is primarily made by the private sector. Rahmani said on Saturday. addressing a meeting of the heads of the country`s industry. mine and trade organizations.

We just need to provide the platform and our priority and the basis of our work for exporting to 15 neighboring countries. he added.

Rahmani emphasized that supplying people`s livelihoods is a top priority and that the export should be made from surplus industrial production. agriculture. and handicrafts.

In a relevant development in late December. Head of the Trade Promotion Organization of Iran (TPO) Hamid Zadboum said that his country’s success in exporting non-oil exports despite banking restrictions imposed by the US is astonishing. adding that exporters have brought home 70 percent of the hard currency earned through exports.

Iran’s exports in the current circumstances are astonishing … Difficulties faced by the Iranian exporters are not comparable to those of peers from other countries. said Zadboum. adding that the value of shipments from the country has hit $28 billion in eight months. a figure he describes as astonishing given the pressure of the American sanctions on countries engaged in trade with Iran.

He added that exporters had managed to bring back more than 70 percent of the hard currency earned for the shipments despite the banking restrictions imposed by the US.

Zadboum also said that intermediate goods. including metal products and petrochemicals. had accounted for around 70 percent of Iran’s export to other countries in the eight-month period ending November 21. 2019.

That remarks come as Iran is speeding up efforts to diversify its economy away from oil as normal crude sales have fallen significantly as a result of the American sanctions.

Authorities say exports excluding crude should double next year to reach nearly $50 billion to compensate for the losses suffered in direct oil exports.

Zadboum said the government was introducing major incentives to help increase the exports. including low-interest loans and credits that could compensate the exporters if their settlements with foreign parties are affected by the sanctions.

He said a major focus of Iran’s exports next year would be on two neighboring countries of Turkey and Pakistan. where Iranian products have a competitive advantage in the markets.

The TPO chief said that the total value of imports into Iran between March and November 2019 had stood at $28.3 billion.

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