Economy, Domestic Economy
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Call for Export Incentives

Call for Export Incentives Call for Export Incentives

Reaching an annual production volume of 6 quadrillion rials ($220.7 billion at official exchange rate) needs a cash flow of 2.2 quadrillion rials ($80.9 billion), and to provide this cash flow the administration has to bolster non-oil exports via increasing export incentives, the minister of industry, mine, and trade said, reported by ISNA on Sunday.

Under the current circumstances, each one billion dollar added to export of domestic products will add 13 percent industrial value (about 75 trillion rials/ $2.7 billion); however, export of non-oil products and services in the first eight months of the current fiscal year (March 21- November 21, 2014) stood at $39.8 billion, which showed a 20 percent rise compared to the same period last year, Mohammadreza Nematzadeh said, speaking in the first Iranian Conference on the Economy.

Over the period, the import value stood at $34.2 billion, which showed a 20 percent rise, he added. The official called for banks to finance 1.5 quadrillion rials ($55.1 billion) of the required 2.2 quadrillion rials cash flow to support exports.

The first Iranian Conference on the Economy is being held in Tehran January 12-13 to study major economic problems and investigate avenues to reach sustainable growth and create jobs.

Financialtribune.com