Thursday, July 01, 2004

Iran: Economic Growth on Track

Iran: Economic Growth on Track: "Iran: Economic Growth on Track
Jafar Islami, Deputy Minister of Industry and Mines said on June 29, 2004 that so far, over US$ four billion from the Foreign Exchange Reserve Fund has been injected to the economy, Pars Investment reported.
'The economy has the potential to be infused by the same amount of funds in the current Iranian year (started March 20, 2004),' he said adding that if the same amount is invested in the economy it would be equivalent to the total foreign exchange investments in the economy in the last three years. He noted that the trend of the fourth five-year development plan (March 2005-2010) should be continued in order for the amount of capital to be absorbed into the economy. The industrial growth averages about 10 percent annually he stated adding 'if this rate of growth continues over the next two decades Iran will achieve a south-Korean-like standing in industry.' He said that the 20-year strategic plan is delineated such that Iran will rank among the first industrial economies in the region. The growth rate is a product of the positive environment that has been induced by recent support policies implemented in the sector, the official added.
Alireza Sepahvand, Deputy Minister of Industry and Mines for Administration and Financial Affairs said that the sector?s share in the GDP stood at 17.5 percent last year 'which is four percent higher compared to the figure for the year before.' He noted that the sector generated an added value of Rls 66,148 billion (US$ 7.69 billion) in the economy last year which was 11 percent higher than the year before. Mining value-added reached an impressive 15.4 percent in the same period, he added. "

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