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Iran seeks to cut its imports by $10B by 2025

Business Materials 15 November 2019 11:16 (UTC +04:00)
Iran seeks to cut its imports by $10B by 2025

TEHRAN, Iran, Nov.15

Trend:

Iran has targeted to reduce its imports by up to $10 billion by 2025, as part of movement to empower domestic production, said Deputy Minister of Industry, Mine and Trade Mehdi Sadeghi Niyaraki, Trend reports citing IRNA.

"The goals include production plans in upstream industry, renovation and reconstruction, completing all unfinished projects and attraction of investors," said Niyaraki during the 7th RINOTEX exhibition in East Azerbaijan province.

"We need new investments in the auto industry, to manufacture low-emission engines," he said.

He added that in the past four months, a regular meeting in the ministry is held, and this has already yielded results, as 35 projects and 42 various plans were developed. All this cut the overall imports by some 91 million pounds.

"Another meeting yielded 21 projects worth some $309 million in the auto industry, and cut imports by 99 million pounds. In total, three meetings resulted in import cuts by some 275 million pounds," he said.

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