Iran Plans to Localize Imported Products Worth $10 Billion

Iran plans to localize the production of imported parts and equipment worth $10 billion by the end of next fiscal year (March 2021), says Minister of Industries, Mining and Trade Reza Rahmani.

He made the statement on the sidelines of the First Exhibition of Domestic Production Opportunities in Tehran, IRNA reported.

The expo opened at Tehran’s International Fairground on July 18, hosting 210 firms in the fields of auto parts, home appliances, metal and non-metal mineral industries, communications, sea and oil industries, gas and petrochemicals.

The four-day event ends on July 21.

The initiative is aimed at economizing on foreign currency expenditure in line with the move to ban the import of certain commodities.