Economy, Domestic Economy

Tayebnia Briefs EU Envoys

Tayebnia Briefs EU EnvoysTayebnia Briefs EU Envoys

European ambassadors to Iran met with Minister of Economy Ali Tayebnia in Tehran earlier this week, Mehr News Agency reported.

The meeting was organized at the request of the ambassadors wanting to be briefed on the overall state of the economy, priorities and challenges.

The minister pointed to structural imbalances, the increasing money supply and inflation and said: “Since taking office, the administration has succeeded to reduce inflation from 40% to below 16% by March 2015.”

Outlining his ministry’s plans, he referred to ongoing efforts to facilitate overseas trade and said the import/export customs process has already been shortened from 30 days to one.

The minister recalled the history of cordial relations between Iran and Europe and hoped for the restoration of ties in light of the diplomatic efforts undertaken by both sides to increase mutual and peaceful relations.

On the importance of Iran’s market, Tayebnia said: “Foreign companies and investors especially Europeans are aware of Iran’s strategic role and have expressed interest to engage in mutual cooperation.”

In response to a question on the role of exports in the Iranian economy, he explained that the administration is striving to increase non-oil exports and create a balance between foreign currency reserves and commercial activities.

The administration is determined to reduce reliance on oil revenues. To this end, it has cut the share of oil export earnings in this year’s budget from 50% to 33%, he added.

Improving the business environment was mentioned by the minister as the government’s other priority. “Improvement of the business environment can boost the earnings of SMEs and consequently increase tax revenues.”

Considering the principles of resistance economy, a set of guidelines advocated by Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei to decrease the country’s reliance on oil exports, to be at the core of the administration’s approach, Tayebnia called for the expansion of ties with the Europe which he said could help develop Iran’s economy and foreign trade.