Planning Underway to Turn $10bn Imports Into Domestic Production

Related Articles

Iran’s Energy Minister Assures no Blackouts amid Supply Boost

3 weeks ago

Iran to Boost Oil Exports Infrastructure on Kharg Island

November 17, 2024

Iran Exports Non-Oil Goods Worth $1.2b to Pakistan in 7 Months

November 17, 2024

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.