News ID: 275724
Published: 0503 GMT October 19, 2020

Inauguration of incomplete projects to create close to 2m jobs: MIMT

Inauguration of incomplete projects to create close to 2m jobs: MIMT

Domestic Economy Desk

The Iranian Ministry of Industry, Mine and Trade (MIMT) is implementing 68,252 projects whose completion will create 1.99 million jobs.

According to MIMT’s figures, $35.67 billion in investments are needed to complete the projects, IRNA reported.

In addition, the MIMT statistics show that of the total number of the incomplete projects, 13,310 are over 60 percent complete, with $5.73 billion in investments, whose inauguration will generate 468,000 jobs.

A total of 4,056 projects are 80 percent complete having received investments to the tune of $2.08 billion. Upon completion, the projects are expected to create 181,000 jobs.

Earlier in March, the MIMT announced nearly 1,200 ailing or closed factories were revived over the past Iranian calendar year (which ended on March 19) as the government seeks to diversify the economy away from oil and create more jobs in the country.

A deputy minister of industry, mine and trade said that a total of 1,185 manufacturing units had been turned around in the past year, Press TV reported.

Asghar Mosaheb said those factories were either closed or had been working with the minimum capacity for many years.

“Reviving these units have led to direct employment for 21,618 people,” said Mosaheb, adding that many of those factories had been grappling with various problems related to cash flow and investment, technology, marketing and disputes between the owners.

He said the MIMT had set up special taskforces in the Iranian provinces to help resuscitate the ailing manufacturing units by supporting them through banking and insurance problems.

Iran has seen a rebound in manufacturing over the past two years mainly because a series of American sanctions have led to lower imports and a growing demand for homemade products.

The growth in production, especially in government-run companies, has also boosted the exports and created new sources of hard currency for the country.



Resource: IRNA
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