Iran saves €1.5b foreign currency in steel industry: IMIDRO

TEHRAN, Aug. 18 (MNA) – The Deputy Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) for Planning Affairs said that the country managed to save €1.5 billion in the steel industry during 12 years.

Amir Khorramishad broke the news on Monday and reiterated that the Islamic Republic of Iran has indigenized €1.5 billion foreign currency in the domestic steel industry over the past 12 years.

Manufacturing parts and equipment as well as indigenizing in industries of the country has had a significant relationship with the foreign exchange revenues in recent decades, he emphasized.

As sanctions have exacerbated in the country, foreign exchange revenues of the country have declined simultaneously, he said, adding, “despite sanctions imposed on the country, indigenizing parts and equipment have experienced an ascending trend.”

After sanctions imposed against the country, about 19,000 parts and equipment in industries have been localized following the research activities made in this regard, the deputy IMIDRO highlighted.

MA/5001108

News Code 162413

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