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Iran's industrial growth could top 14 percent in fourth development plan

Minister of Economy and Finance said in Tehran on Wednesday that the government is hopeful that the growth rate in industrial sector will top 14 percent in the fourth five-year socio-economic development plan (March 2005-2010), IRNA reported.

Speaking on the sideline of the open session of parliament, he told reporters, "although we are concerned with reaching the growth target, the existing potentials make it likely."

Based on the fourth development plan which was submitted to the Majlis the industrial growth is estimated at 13.4 percent annually.

Jahangiri further reckoned that reaching the growth target entails removing structural obstacles and mobilizing resources in the economy. "The industrial exports in the fourth development plan is estimated to average dlrs seven billion," he said.

The smooth functioning of the hard currency reserve fund and effective cooperation of banking operations with private sector could be pivotal in reaching the growth target, Jahangiri underlined.

He refereed to the industrial sector as the engine of economic development. To ensure progress three factors of competition, constructive contact with the world and enlarging the economy are all essential, the minister underlined.

He said industrial exports are indicator of economic growth. The non-oil exports have risen from dlrs 600 million in the past years to dlrs six billion currently.

"The share of industrial exports as of the total non-oil exports stands at 15 percent."

Jahangiri added among the countries which embarked on industrial development about the same time, the above figure is 70-90 percent. Hence he added 'we are long way off'.

He also predicated that by 2010 the total non-oil exports will top dlrs 15 billion, of which dlrs 12 billion will comprise industrial exports.

Presently, over 65-75 percent of Iran's industrial exports are items which are derived from natural resources. "But, from now on exports should become more advanced so that the sector's current one percent share can be raised."

... Payvand News - 1/15/04 ... --

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