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Iran: Rouhani administration unveils economic stimulus package

Source: Tehran Times

The administration of President Hassan Rouhani has unveiled a package of plans which can bring about a notable growth in the national economy.

design by Shahrvand

The package, which was unveiled on Monday, highlights supporting the leading domestic economic enterprises, boosting industrial and service exports, and promoting tourism as the initial factors which can help the national economy come out of recession.

In recent years there has been an upsurge of interest in the role of tourism as a potential source of economic growth.

Channeling assets of the capital market - mainly the stock market and the banking sector - into key oil, gas, and petrochemical industries can contribute to the nation's economic growth.

Eventually, recovering foreign relations, attracting more foreign investment, improving the business environment, offering incentives to exporters, and curbing the inflation rate can lead to a boom in the national economy.

Recently, Rouhani said various institutions under the administration are now bound to carry out the "resistance economy" plan, which has been outlined by Supreme Leader Ayatollah Ali Khamenei to counter sanctions of the West.

The administration would work with the other branches of government to materialize objectives of the plan, Rouhani said.

On February 19, Ayatollah Khamenei outlined the general policies of the program to promote the "economy of resistance", which can lead the Iranian nation to victory in "the imposed economic war" with the West.

Under the program, the government must take action to expand the production and exportation of knowledge-based products, increase domestic production of strategic goods, and develop markets in neighboring countries.

It also encourages greater privatization and increased exports of electricity, gas, petrochemicals, and oil byproducts instead of crude oil and other raw materials.

On July 1, Iranian Industry, Mines, and Trade Minister Mohammadreza Ne'matzadeh said that the ministry has prepared a special package of incentives to boost domestic production.

The incentive program has been submitted to the administration to help the national economy come out of recession, he added.

The ministry has adopted strategic development policies in line with guidelines of the Supreme Leader to promote the economy of resistance, he stated.

In order to cope with the economic recession, the industry and mine sector's share of banking facilities should be increased, he emphasized.

The ministry has also resumed providing exemplary exporters with incentives to help boost non-oil exports, he added.

In April, the International Monetary Fund said Iran's economy had contracted by 1.7 percent in 2013. However, the economy will come out of recession in 2014, the report added.

The Iranian economy will grow by 1.5 percent in 2014 and the growth rate will hit 2.3 percent in 2015, according to the report.

... Payvand News - 07/16/14 ... --

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