TEHRAN – Production of major industrial products in Iran during the first nine months of the current Iranian calendar year (March 20-December 21, 2019) increased by 10 percent year on year, IRNA reported on Thursday, quoting the industry minister.

“According to available statistics, during this period exports surpassed imports, the country's trade balance was positive, and we had export growth of nearly 20 percent in terms of weight,” Reza Rahmani said in an expert desk on the promotion of domestic production.

Stressing the importance of domestic production in the country’s economic growth, the minister said relying on domestic production will save $10 billion for the country by the end of the Iranian calendar year of 1400 (March 2022).

The official pointed to quality, on-time delivery, and pricing as three major factors for competition in the global markets, adding that the time factor is the most important one and should be taken into serious consideration by Iranian traders and producers.

Since the U.S. reimposed sanctions on Iran to pressure the country’s economy, Iran has been taking all necessary measures to mitigate the impact of the sanctions and counter the U.S. actions.

Improving and boosting domestic production has been one of the major strategies that Iran has been following in the past two years in order to increase its independence.

To this end, the Iranian government has put supporting domestic producers atop agenda in the current year.

Providing the required working capital for the production units and offering them facilities is one of the major measures being pursued by the government to support these units.

EF/MA