Economy, Domestic Economy

Foreign Brands and Domestic Potential

Foreign Brands and Domestic PotentialForeign Brands and Domestic Potential

Minister of Industries, Mines, and Trade Mohammad-Reza Nematzadeh has called on foreign home appliance manufacturers to have their products made by Iranian companies. As ILNA reported, Nematzedeh, who was visiting factories of Entekhab Investment Development Group in Isfahan, criticized the volume of imported home appliances and said the administration seeks to attract foreign brands and have Iranian manufacturers produce under the name of these brands. According to officials, import tariff on home appliances has increased this year to 85 percent from 55 percent last year, and the home appliances market is gradually recovering, though prices in the market have increased by 8 percent so far this year. According to Habibollah Ansari, secretary general of the Home Appliance Association, About 75 percent of home appliances are locally made and can compete with foreign products as they are much cheaper.