Iran to Boost Annual Non-Oil Exports to $50 bln: Minister

TEHRAN (Tasnim) – Iranian Minister of Industry, Mines, and Trade Mohammad Reza Nematzadeh said the country plans to increase its annual non-oil exports to $50 billion by the end of the current Iranian year (March 20, 2016 – March 20, 2017).

Iran to Boost Annual Non-Oil Exports to $50 bln: Minister

“In line with efforts to realize (the objectives of) the Resistance Economy, with a $10 billion increase, we are working to boost the (country's) non-oil exports to $50 billion by the year's end,” the minister was quoted by Shatanews as saying on Saturday.

He further highlighted the importance of developing exports and foreign trade based on the policies of the Resistance Economy, saying that in the policies, emphasis has been put on several approaches, including maximum use of local capabilities to boost domestic production.

Back in 2014, Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei sent a proclamation to heads of Iran’s branches of power, outlining general policies to boost the country’s economy and lower its vulnerabilities under a master plan, dubbed the Resistance Economy.

Last year, Iran exported $42.415 billion worth of goods while its imports reached $41.499 billion, showing a 16.11 percent decrease in the value of exports and a 22.53 percent decline in the value of imports when compared to its previous year.

Iran has stepped up efforts in recent years to enhance its non-oil exports and reduce dependency on its oil revenues.

There has also been a boom in Iran’s service exports in diverse sectors, including tourism, engineering, and transit.

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