Economy, Domestic Economy

Oiling Wheels of Industry

Oiling Wheels of IndustryOiling Wheels of Industry

In a joint meeting on Sunday evening, Mohammadreza Nematzadeh, the minister of industry, mine and trade, and Ali Rabiee, the minister of cooperatives, labor, and social welfare explored the avenues to support domestic production and ways to attract investment through social funds’ capacities, IRNA reported on Monday.

“In order to oil the wheels of industry, production units will be offered the opportunity to pay their debts to social funds under the aegis of the ministry of labor,” Nematzadeh said. “During the past years, specifically from 2010 to 2013, the triple whammy of the economic recession, US-led sanctions, and banking difficulties have put a heavy burden on the shoulders of the production units, sinking them into crippling debts to social funds,” he added.

Nematzadeh vowed that the administration will seek to protect production units against imports via modifying the current tariffs.

Rabiee, for his part, said supporting domestic production, increasing exports, attracting foreign investment, and providing sustainable funds for national projects would all help the government achieve its growth targets. He also guaranteed that tax regulations will be relaxed in the near future.