Iran Taking Special Measures to Revive Industry
After closure of two giant home appliances manufacturing plants, working for more than 7 decades, the IMT Minister had to be presented in a “Hard Talk” typical live broadcasting interview to explain; Why?
Iran Taking Special Measures to Revive Industry
Minister of Industry, Mine, and Trade (IMT) Mohammad Reza Nematzadeh has announced that the Iranian government is taking special measures to revive the country’s industries.
As one example, 7,500 industrial units are going to be given facilities to make up for their budget deficits and get back on their feet, he told the state TV on Tuesday evening.
Also, the ministry has asked the Central Bank to postpone these units’ debt maturation dates for one year to give them some time to build themselves up, Nematzadeh pointed out.
So far four hundred units have been referred to banks to receive their facilities, he stated.
He said since 2013, the Rouhani administration has managed to change the industrial growth rate from -10 percent to 1.7 percent.
According to the minister, while last year (Iranian calendar, ending March 19) 4,000 industrial units started operation, this year the government plans to operate 5,000 units as well.
Small units will receive 10 billion rials (around $330,000 at each dollar worth 30,467 rials) and mid-size units 30 billion rials with interest rates of 20 and 22 percent respectively, Nematzadeh said, adding that mid-size industrial units with over 60 percent of construction progress will receive 20 billion rials.
Small industrial units count for 40 percent of job positions in Iran, he noted.
The minister added facilities are also to be given to renovating industrial machinery in the downstream sector.
Insurance facilities only come for collaterals, he said, adding that industrial units that have already used their collaterals can use the new plan to once more provide banks with collaterals.
