Jahangiri Makes a Case for Knowledge-Based Economy
Domestic Economy

Jahangiri Makes a Case for Knowledge-Based Economy

First Vice President, Es’haq Jahangiri, called on Saturday for promoting what he described as “knowledge-based economy”, saying that unlike oil-based economies or those relying on finite resources, it is enduring and will help cushion the country against the oil volatilities.
“We will figure out new ways to manage the country and domestic productions, should they (the West) intensify the sanctions,” Jahangiri was quoted by IRNA as saying, expressing hope that the restrictions will soon be lifted.
The West has imposed several rounds of sanctions on Iran’s economy over the past decade over Tehran's nuclear energy program, which the West suspects is designed to produce nuclear bomb, a charge Iran denies saying that its nuclear program is solely aimed at peaceful purposes.
> Private Sector Empowerment
“Empowering the private sector means empowering employment, domestic manufacturing and the economy,” Jahangiri said, noting that economic development which he described as “a very important element of power” can occur only once the domestic capabilities are fully exploited.”
He further called upon the private sector to vigorously engage in the economy, saying that any attempt aimed at weakening the private sector will benefit foreign companies.
> Auto Production Up 70%
Jahangir further said that car manufacturing rose by 70% during the first ten months of the current year (ending 20 March) compared with the similar period last year.
He said the sanctions imposed by the West has prevented the car industry from growing with due pace, noting that it is difficult to revive an industry once it is damaged.
 “Truck and bus manufacturing rose by 100% and 40% respectively during the first ten months of the current year compared with the similar period last year,” Jahangiri further underlined, stressing that such figures indicate that Iran’s auto industry has enormous potential for development.

> Call for Expansion of Mineral Industry
The vice-president noted that the expansion of mineral industry is an important factor in the development process.
 “The mineral industry must be developed with the help of the private sector,” Jahangiri said at the inauguration ceremony of the second phase of Songoon Copper Concentrate unit, noting that Songoon has the capacity to produce over 150,000 tons of copper concentrate on a yearly base.
Given its geographical proximity, Iran is home to numerous metal mines including cooper reserves.
 The mineral industry is unlikely to be hit by recession, because it is able to market 100% of its products, he noted.
 Jahangiri travelled on Saturday to Tabriz to inaugurate the second phase of Songoon Copper Concentrate unit, a giant copper producer that is ranked 27th worldwide in terms of reserves.  


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