Economy, Business And Markets

Stable Forex Market Will Help Exports

Stable Forex Market Will Help ExportsStable Forex Market Will Help Exports

As changes in the value of foreign exchange rates could heavily affect foreign trade, the government needs to help stabilize the currency market and enhance the value of the rial which can act as stimuli for non-oil exports, said Saeed Rasekhi, an economic specialist.

Controlling foreign exchange fluctuations has resulted in a boost of non-oil exports during the past couple of years, IRNA quoted the expert as saying. Effective policies can lead to an increase in exports, Rasekhi said. “Non-oil exports are a major source of foreign revenue; this fact highlights the need for developing strategies for making domestic products more competitive in foreign markets, especially in the neighboring nations.”  Developing international trade relations will surely benefit Iran, he added.

Rasekhi said the administration “can resolve the manufacturing crisis by preparing the needed conditions and facilitating production so that manufacturers can move toward quality production bereft of unnecessary concerns.”

He further said that optimizing quality and investing in establishing brands are indispensible to developing exports. Customers often look for high quality goods and services that have attractive physical features, and are innovative and user-friendly; all staple features of brand creation. Also, the success of major international brands highly depends on the quality and level of advertising, he added.

Competitiveness is necessary for targeting international markets. “The administration cannot always solely be held responsible for creating a competitive environment; manufacturers themselves must also take responsibility and adhere to the principles of finished costs in order to be able to effectively compete in international markets,” the expert concluded