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.