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€250m for Boosting Iran Engineering Exports

€250m for Boosting Engineering Exports€250m for Boosting Engineering Exports

The Trade Promotion Organization of Iran has allocated €250 million from the resources of the National Development Fund of Iran, which will be deposited in foreign banks for guaranteeing technical and engineering services' exports.

According to the director general for export of services and startup development at TPOI, the organization has revised the bylaw for supporting exporters to help expand techno-engineering exports.

"Subsidizing loan interests and fees for issuing bank guarantees, granting 83 permits for the temporary export of machinery and equipment, and approving the issuance of foreign exchange guarantees for 42 companies during the year to March 20, 2017, have been TPOI's significant steps toward helping exporters," Mahmoud Eskandari was also quoted as saying by TPOI's official website.

TPOI officials and private sector representatives have formed an expert panel for promoting the export of technical and engineering services.

In a meeting held on Saturday, Mohammad Reza Modoudi, the deputy head of TPOI and advisor to the industries minister, explained new reforms devised by the organization.

He added that expert panels will be set up to increase the cooperation of private sector with the government to inform policymakers of their requirements.

Modoudi noted that the export of technical and engineering services has a special place among non-oil exports, therefore TPOI has enumerated all the requirements and issues that need to be sorted for promoting it.

Private sector representatives also mentioned their major problems, namely lack of export stimulus packages, difficulties in receiving guarantees and the settlement process facing Iranian contractors in Iraq, as well as banking and insurance problems, and asked TPOI to help solve them. 

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