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Industry Ministry Unveils 3-Year Projections
Domestic Economy

Industry Ministry Unveils 3-Year Projections

The ministry of industry, mine and trade in its latest performance report has set out plans and objectives for the industrial sector in the current and the next two Iranian years – a period from March 21, 2015 to March 20, 2018.
Increasing the rate of industrial growth from 5.1% in the first nine months of the previous year (March 21-December 21, 2014) to 10%, improving Iran's ranking in the 'Ease of Doing Business' global index from the current 138 to 100, increasing industrial exports (including petrochemicals) from the previous year's $29 billion to $55 billion by the end of the three-year period and increasing the level of engineering and technical services exports from $1 billion last year to $3 billion per annum are among the ministry's major objectives for the industrial sector, Persian newspaper Ta'aadol reported.
The ministry is also targeting to attract a minimum of $3 billion in foreign investments in each year of the period against the $1 billion foreign investments absorbed last year. Moreover, as per the report, the ministry proposes to launch 3,737 industrial projects before the end of the current Iranian year on March 19, 2016 and increase the number by 4,803 and 9,572 in the next two consecutive years. Therefore, the report projects a growth in industrial employment opportunities from 139,000 in the current year to 197,000 and 414,000 in the next two years respectively.
The total amount of domestic investments in the industrial sector is expected to reach 230 trillion rials ($7 billion at market exchange rate) in the current year, increasing to 340 trillion rials ($10.3 billion) and 1,240 trillion rials ($37.4 billion) in the next two years respectively.
> Selected Industrial Products
Production plans for 53 selected industrial products are also included in the ministry's projection for the industrial and mining sectors in the coming years.  For example in the automotive sector, production of sedans is set to grow from 974,000 last year to 1.235 million in the current year and 1.43 million and 1.55 million in the next two consecutive years. Pickup truck production is set to increase from 130,000 in the current year to 170,000 and 200,000 in the coming two years, while bus and minibus production is expected to grow from 6,000 units last year to 11,000 units per year during the current and the next year and 12,000 units in the year ending March 2018. Meanwhile, tractor production is expected to increase steadily from about 22,000 last year to 25,000, 27,000 and 30,000 in the three consecutive years included in the report.
> Mining Exploration
Geophysical mineral explorations are projected to increase from 55,000 kilometers in length during the past Iranian year to 300,000 kilometers in the current year and 400,000 and 500,000 kilometers in the next two years respectively. The area covered by the mineral exploration programs is set to increase from 305,000 square kilometers last year to 420,000, 470,000 and 500,000 square kilometers this year and the next two years respectively.
> Export Projections
The ministry's report anticipates $15 billion revenues from export of oil and gas condensates during the current Iranian year. The figure is expected to remain the same next year while increasing to $20 billion in 2017-18.
The value of industrial exports (including petrochemicals) is forecasted to reach $35.2 billion by the end of current year and $44.95 billion and $55.96 billion over the next two years. Meanwhile, the total value of non-oil exports (including condensates, industrial, agricultural, mineral, etc.) is anticipated to reach $61.1 billion by the end of the current year. The value is envisioned to grow to $72.4 billion and $91.2 billion in the next two consecutive years.
The industry ministry also aims to export $15.6 billion worth of various services, including tourism, technical and engineering, information technology, transit and transportation, during the current year and increasing the figure to $19.2 billion and $23.4 billion over the next two years. The tourism sector is expected to account for a significant share of revenues from services sectors, valued at $7.8 billion in the current year, $9.3 billion and $11.2 billion in the next two years.
> Plans and Policies
The ministry has also listed its principal plans and policies for the industrial and mineral sectors, among them: implementing the policies of Resistance Economy as per the Economy Council's guidelines, drafting extensive plans to maximize benefits from the political agreements in industrial, mineral and trade sectors, development of international trade relations with the aim of absorbing foreign investments amounting to $3 billion a year, arriving at 6% value added by the industrial sector in the current year, and development of infrastructure for the production sector, including the industrial parks, and providing utilities to the existing plants.
"Development of unfinished industrial projects in a bid to complete the production supply chain, supporting the productive industries through provision of liquidity amounting to 1,750 trillion rials in working capital to the existing industrial units and 200 trillion rials in fixed capital to unfinished projects, and supporting the activities of knowledge-based industries," are among other major plans of the industry ministry for the aforementioned period.

 

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