Over $140M spent on agricultural equipment in Iran

Business Materials 6 November 2019 18:53 (UTC +04:00)

BAKU, Azerbaijan, Nov. 6

By Elnur Baghishov - Trend:

Six trillion rials (about $142 million) of state funds have been spent on the purchase and modernization of agricultural equipment in Iran since the beginning of the year (began on March 21, 2019), Director of Iran’s Agricultural Mechanization Center Kambiz Abbasi said.

“Some 18 trillion rials (about $428 million) are planned to be allocated for this sphere from March 21, 2019, through March 21, 2020,” Abbasi added, Trend reports referring to IRNA.

The director of the center said that the US sanctions had no impact on the development of Iran’s agricultural machinery industry.

“Over 90 percent of Iran’s agricultural machinery, including combines, tractors and others, is produced domestically,” Abbasi said.

The director of the center said that a small volume of equipment and trailers is being imported.

In accordance with the statistics indicators, 25 trillion rials (about $595 million) are required annually to increase the number of agricultural machinery and modernize it in Iran.

The US imposed sanctions against Iran in November 2018 and expanded their list in several stages.