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Iran to pursue import-substitution policy

Business Materials 4 August 2020 19:32 (UTC +04:00)
Iran to pursue import-substitution policy

TEHRAN, Iran, Aug. 4

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In order to develop exports and control imports, Iran Ministry of Industry, Mine and Trade insists on preventing the import of goods which are produced domestically, Iranian Acting Industry, Mining, and Trade Minister said.

“The country will not be allowed to import non-essential goods," Modares Khiabani said, Trend reports citing IRNA.

He noted that hundreds of non-essential and luxury items which have similar domestic samples are blocked from entering the country.

“The import will only include raw materials, basic goods, machinery and equipment,” the official said. “Last year, goods worth $43.7 billion were imported, of which 85 percent were capital goods and raw materials for production, and 15 percent of import accounted for essential goods.”

“The ministry will not allow the import of unnecessary goods through official trade routes,” the acting minister said adding that on the one hand, there is no money for this, and on the other hand, similar products are manufactured in the country.

“Iran shares borders with 15 neighboring countries, which account for 60 percent of Iran's export,” he said. “These countries import amount to $1.2 billion dollars annually, of which our share is only 2 percent. If we can double this figure, a lot of our problems will be solved.”

Khiabani added that Iran's export to Eurasia increased by 63 percent since last year.

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