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

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

“In line with efforts to realize [the objectives of] the Resistance Economy, with a $10bn increase, we are working to boost non-oil exports to $50bn by the year end,” the minister was quoted by Shatanews as saying on Saturday May 28.

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

Back in 2014, Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei sent a proclamation to the heads of Iran’s authorities, 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 $42.415bn worth of goods, while its imports reached $41.499 billion, showing a 16.11% decrease in the value of exports and a 22.53% 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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