Iran looks to reduce imports, substitute them with domestic goods

Business Materials 17 October 2019 16:43 (UTC +04:00)

Tehran, Iran, Oct.17


Iran will reduce its imports to $10 billion by 2021, to utilize domestic production capacities that have been planned, said the Minister of Industry, Mine and Trade Reza Rahmani.

"Some of the goods the import of which is to be reduced, are sensitive, and the country is depending on them, so to limit dependency we need to try to increase domestic production of these goods," said Rahmani, Trend reports citing IRNA.

"Most of the problems are solvable, but regular discussions need to be held," he said.

"The discussions would continue next week, to figure out how to substitute the imported products with domestic ones by the end of the current Iranian year (started March 21,2019)," he said.

"To improve independence from imports, currently some 1,500 goods have been banned for importing," Rahmani said.

"The country's imports have been reduced by 22.8 percent in the last Iranian year (started March 21,2018), mostly consumption goods," he said.