BAKU, Azerbaijan, September 25. Iran is trying to boost its domestic production of mining equipment and spare parts to save foreign currency amid US sanctions, Trend reports.
Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), a state-owned organization that oversees the mining sector, has set a target of preventing $750 million from leaving the country in the current Iranian year (March 21, 2023 through March 19, 2024) by involving local companies in the production process.
This is higher than the previous year’s target of $500 million. Since August 2021, when the current government took office in Iran, the country has saved $1.7 billion by increasing local production. This figure is expected to reach $2.45 billion by the end of the current year.
The US sanctions, imposed in 2018, have caused many economic challenges for Iran, such as reduced oil exports, limited banking transactions, and restricted trade. Taking into account these problems, Iran is trying to prevent foreign exchange from leaving the country by increasing local production.
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