News   /   Economy

Iran says local manufacturing helped cut imports by $5.4bn

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
Iran says local manufacturing helped cut imports by $5.4 billion in the 18 months to late March.

Figures by Iran’s ministry of industries (MIMT) shows that a campaign to launch local manufacturing for imported goods and machinery helped cut the government’s imports bill by around $5.4 billion in the 18 months to late March.

A senior MIMT official said on Sunday that the ministry had achieved some 77% of the targets set in the campaign for local manufacturing of products that used to be imported before September 2019.

Mohammad Mehdi Hadavi, who chairs MIMT’s Center for Localized Manufacturing, said that most of the goods that replaced imported products have been parts and components that are widely used in the manufacturing and construction sectors in Iran.

“With the help of expert groups, we managed to launch local production for $5.4 billion or 77% of the parts that are used in the projects,” Hadavi was quoted as saying by the semi-official Mehr news agency.

Iran’s manufacturing sector has experienced a major boom in recent years thanks to growing government support and the increased involvement of private investors.

The boost in manufacturing activity has helped the country offset the impacts of the US sanctions on supplies of goods and services while it has also led to increased number of jobs for Iran’s youth population.

In remarks published on Sunday, Iranian President Hassan Rouhani hailed the robust growth in Iran’s manufacturing sector as a sign of utter failure for US policy of imposing sanctions on the country.

“Production growth figures reported in various parts of the country’s manufacturing sector is the best evidence of the futility of the US maximum pressure policy,” said Rouhani.

Press TV’s website can also be accessed at the following alternate addresses:

Press TV News Roku