Indigenization of 19,000 Parts in Steel Sector Saves Iran €1.5b
IRAN NEWS ECONOMIC DESK
TEHRAN- Domestic production of 19,000 parts in the steel sector has saved the country €1.5 billion in 12 years, a director in Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) announced.
Making the remarks in an IMIDRO’s meeting of training, research, and technology on Monday, Amir Khorramishad, the deputy director of the organization for planning affairs, said that while the sanctions have reduced the country’s foreign currency revenues, indigenizing the production of some products has increased, which means saving the foreign currency, ISNA reported.
While the U.S. unilateral sanctions on Iran in recent years have upset the Iranian industry in some sectors, the statistics indicate that the minerals sector has not been affected by the sanctions, while it’s been also improved.
The improvement is more noticeable in the steel sector, as according to the World Steel Association (WSA), Iran became the world’s tenth-largest steel producer in 2018.
Such progress in this sector is mainly the result of “indigenizing” approach, which is seriously followed up in all industrial sectors of the country.
In fact, indigenizing the technology of manufacturing required products, equipment, and machinery to attain self-reliance is the major economic approach of the country during the sanctions.
And in terms of steel, Industry, the Ministry of Industry, Mining and Trade has announced that the country has achieved proper self-reliance in this sector.
