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Iran's investments in knowledge-based companies to help reduce imports

Business Materials 29 July 2020 15:31
Iran's investments in knowledge-based companies to help reduce imports

TEHRAN, Iran, July 29

Trend:

The Iranian government should plan and invest in knowledge-based companies, so that eventually it would help to reduce dependence on imports, said the head of parliament's industrial and mining commission Ezatollah Akbari Talarposhti, Trend reports citing IRNA.

"Knowledge-based companies and industrialists have the capacity to produce commodities that are on demand locally," said Talarposhti.

"While the country spent $12 billion on importing animal feed and related products, it can invest $1 billion into knowledge-based companies, to provide supply from domestic sources," he said.

"The commission is ready to cooperate with the government to boost the domestic production. A joint committee has been formed with the foreign ministry to improve exports," he said.

The official also indicated the need to discover more mines.

"There are parts that have not been explored yet and we are still unaware of the capacities of these mines," said Talarposhti. "The Iranian Mines & Mining Industries Development and Renovation (IMIDRO) company should be promoted to develop the mine sector," he said.

"Flourishing mine sector would help improve other fields," he said.

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