“Having its resources increased, the organization can improve its facilities up to 5 time or 6 times more than its available fund,” he added.

According to Salehinia, from among 43,650 industrial units in Iran, some 77.5 percent, i.e. 33,800 units, are presently active.

In a bid to protect Iranian economy and prosper industrial parks, some 400 trillion rials (about $9.52 billion) of financial resources is planned to be granted to Small and Medium-sized Enterprises (SMEs) this year.

ISIPO reportedly plans to expand the infrastructure of these production units, concentrate on increasing employment and job creation in them, improve their business environment, and supply the working capital of these production units to reach the set targets by the yearend.

Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei has named the Persian New Year, 1398, as the ‘Year of Boosting Production’, which can solve the country’s economic problems and cut dependency on foreigners.

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Iranian Deputy Industry Minister Mohsen Salehinia pointed to Peugeot’s refusal to work with Iran under a new wave of US sanctions, saying the French company must pay penalty for cancelling its contract with Iran.

Peugeot must also fulfill its commitment to supplying Iran with the Peugeot 2008 components and providing after-sale services, since the vehicles have been presold in Iran, he added.

According to Salehinia, the French auto-manufacturer has said it will suspend, not terminate, cooperation with Iran in the hope that partnership will resume in future.

Even if the French company intends to provide Iran with a series of car components, the other countries manufacturing various auto parts would refuse to work with Iran, the deputy minister explained.

Back in June, French automaker PSA Peugeot Citroen announced plans to pull out of two joint ventures to sell its cars in Iran in order to avoid the risk of US sanctions.

The retreat followed similar moves by French energy companies Total SA and Engie SA in the wake of US President Donald Trump’s move to pull his country out of the 2015 Iran nuclear deal and re-impose sanctions on Tehran.

In July, the US administration rejected France’s demands for a waiver or exemption for companies seeking to do business in Iran.

Even companies with no business ties to the US find it difficult to operate in Iran because banks are reluctant to finance Iranian operations.

After achievement of the Joint Comprehensive Plan of Action (JCPOA) between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) in July 2015, PSA Peugeot Citroen signed a deal with an Iranian company to make cars in the Islamic Republic.

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