Iran to launch new projects within its industrial sector

Business Materials 23 June 2020 18:04 (UTC +04:00)
Iran to launch new projects within its industrial sector

BAKU, Azerbaijan, June 23

By Elnur Baghishov – Trend:

As many as 200 facilities and enterprises in Iran's industrial sector will be commissioned in the current Iranian year (began March 20, 2020), Deputy Minister of Industry, Mine and Trade of Iran Barat Ghobadian, Trend reports citing the ministry.

Despite the US sanctions and other economic problems, 1.7 billion rials (about $40.4 billion) have been invested in these facilities and enterprises, according to the deputy minister.

He added that a plan for domestic production has been in implementation for two years now. According to this plan, imported technology products are produced domestically.

Ghobadian emphasized that 1,460 types of products worth $8.3 billion were imported in the industrial, mining and trade sectors in the preceding Iranian year (from March 21, 2018 to March 21, 2019). Thus, last year (from March 21, 2019 to March 20, 2020) the import of these products into the country was prevented.

The US imposed new sanctions on Iran in November 2018. Over the past period, the sanctions affected Iranian oil exports, more than 700 banks, companies and individuals.