Iran’s industrial, mineral growth predicted to hit 6%

Business Materials 15 June 2015 13:40 (UTC +04:00)

Baku, Azerbaijan, June 15

By Fatih Karimov - Trend: Iran 's industrial and mineral growth is predicted to hit 6 percent in the current Iranian fiscal year, which began on March 21, said Hossein Abouee-Mehrizi, the Iranian deputy industry minister.

The growth of industrial and mineral sectors hit 5.1 percent and 10 percent in the past Iranian fiscal year, respectively, Iran 's Mehr news agency quoted Abouee-Mehrizi as saying June 15.

The country is facing tough economic conditions, he said, adding that the issue doubles the importance of proper management, effort, and creativity.

The national industry and mining sector requires around 1,950,000 billion rials (about $65 billion based on US free market rate) to implement semi-finished projects, he noted.

Back in April, Abouee-Mehrizi said Iran has opened $7 billion line of credit for its industrial and manufacturing projects.

The ministry of industry plans to attract $3 billion foreign investment for the industry sector amid an improvement in international relations, he added.

Iranian MP Reza Rahmani said in Nov. 2014 that more than 72,000 industrial projects are semi-finished in Iran.
Budget deficit is the main problem which has hindered the implementation of the projects, he added.

Edited by CN