Official calls for boosting exports

TEHRAN August 16 (Shana)–A senior economic official has called on Rouhani administration to spend the country’s revenues from boosted oil sales for fortifying the production sector with the aim of increasing exports.

Masoud Khansari, the chairman of the Tehran Chamber of Commerce, Industries, Mines, and Agriculture, highlighted the bright prospect for the lifting of western sanctions on Iran by mid-2016, saying the country is expected to earn a lot from boosting production and export of crude oil after the sanctions relief.

“As a rule of thumb, running administrations are inclined to spend more once they see their revenues go up,” he said.

This is a major threat for the country and should be checked on by careful planning by the administration, he said.

He suggested that one of the strategies to properly use the expected revenues is funding production of items that can be sold on foreign markets with Iranian brands.

Khansari also underlined the need for building up cooperation and interactions with foreign countries, adding that the private sector can play a major role in this regard.