Iran Aims to Promote Exports to Neighboring Countries- Industry Minister

Iran, one of the largest billet producer in MENA region has produced 7,968,000 MT billet during the first 7 months of current Persian year (21 Mar-22 Oct) by registering a growth of 22% Y-o-Y. The nation is currently facing economic sanctions from US, owing to which export of billet has affected significantly.

In order to boost export, recently Mr. Reza Rahmani, Minister of Industry, Mine and Trade said that his ministry eyes promoting and increasing exports volume to neighboring countries.

Pointing the production of some industrial and mineral products exceeding the domestic demand, Mr. Rahmani added, "proper strategies should be considered in the field of producing and exporting products such as steel, copper, aluminum, etc. which are manufactured more than the domestic demand."

He added that the country would witness a considerable growth in the industry sector once 10 important projects, including activation of small-sized mines, completion of chain of basic metals, strengthening of relations between university and industry and also paying due attention to the market of neighboring countries, become operational.

Iran and Oman Seek to Boost Bilateral Trade to USD 1 Bn.

Mr. Mohsen Zarrabi, Head of Iran-Oman Chamber of Commerce said that the trade between the two countries are expected to reach USD 1 billion by the end of this year. Iran and Oman has good economic relations in recent years due to extended bank cooperation between the two countries.

It is to be noted that Iran is one of the largest semi-finished steel exporter to Oman, the nation has exported around 0.75 MnT of semi-finished steel to Oman in CY'17. During the current CY'18(Jan-Sep), Iran has already exported 0.76 MnT to Oman.

Iran is also one of the key exporter of finished flat steel to Oman, the nation has exported around 0.05 MnT steel to Oman in CY'17. During the current CY'18 (Jan- Sep), Iran has exportedaround 0.11 MnT steel to Oman

Inputs from Mehr News