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Iran to develop four joint industrial parks with neighbors

Source: Tehran Times

Plans are underway to develop four industrial estates on Iran's borders with Turkey, Iraq, Turkmenistan and Afghanistan, said the head of the Iranian Organization of Industrial Estates.

Fakhrollah Molaee told the IRNA News Agency on Saturday that the Iran-Turkey industrial estate is already being established and negotiations are underway to build the remaining three.

The measures are designed to weather the economic sanctions of the West, he said, adding that they will also contribute to the expansion of non-oil exports.

Iran's annual trade turnover is forecasted to reach $160 billion by the end of the Fifth Five-Year Development Plan (March 2016), Trade Promotion Organization of Iran official Kiyumars Fathollah Kermanshahi said in May.

He added that the value of annual imports and exports are planned to reach $77 billion and $83 billion respectively by 2016, the IRNA News Agency reported.

Iran has scaled up its trade with 160 countries in the past calendar year, which ended on March 19, despite being embattled with global economic sanctions, the head of the Customs Administration said in April.

Abbas Memarnejad said the non-oil trade balance decreased to $17.9 billion last year, from $30.5 billion the year before, the IRNA News Agency reported.

He added that exports rose by 28 percent year on year, while imports fell by four percent.

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