70 percent of Iran’s industries idle

Business Materials 30 June 2015 12:04 (UTC +04:00)

Tehran, Iran, June 30

By Mehdi Sepahvand - Trend:

Seventy percent of Iran's industrial units are idle, Mohammad Reza Mortazavi, secretary of Iran's House of Industry and Mine said.

There is no industry as swift in returning the initial investment as the idle capacities of the existing firms, he said, IRIB news agency reported June 30.

Mortazavi noted that the mentioned industrial sections go idle because of financial shortcomings, caused in part by economic sanctions.

"I believe that the country's financial system should use all it can to fund the working capital of the existing industrial units," he stressed.

"If we want sustainable development, we need to increase the country's industrial and mine units' capacity and make the best of the existing opportunities. That will not come by unless we engage perpetually in revising economic, industrial, and mine policies."

Iran is forecast to reach six percent growth in the industry and mining sectors in the current Iranian fiscal year, started on March 21.

According to the International Monetary Fund, Iran's GDP growth is expected to stand at 0.6 percent in 2015.

Edited by CN