Economy, Domestic Economy

New Incentives to Promote Non-Oil Exports

New Incentives to Promote  Non-Oil ExportsNew Incentives to Promote  Non-Oil Exports

In line with its policy to boost non-oil exports in the coming years, the government has approved new incentives to support exporters and protect them against possible risks.

Head of the Trade Promotion Organization of Iran, Valiollah Afkhamirad, made the announcement on Monday, adding that the new measures will be implemented as soon as they are declared by the executive bodies, ISNA reported.

Facilitating the issuance of bank guarantees and loans and shortening the time for refund of value added tax on exported commodities to one month are among the incentives approved by the government, said the official.

As part of the measures, the Export Development Bank of Iran has been obliged to allocate at least 80% of its loans for export of goods and services, Afkhamirad added.

"Moreover, it was decided to allocate $1 billion of credit from the National Development Fund to major export destinations to be used for purchase of goods and technical services from Iran," he said.

Afkhamirad also announced plans to add $200 million to the working capital of Export Guarantee Fund, a state-owned export credit agency that supports Iranian exporters and investors in international markets.