Iran to Replace $11 Billion of Imports as Economic Crisis Bites

(Bloomberg) --

Iran plans to manufacture $11 billion worth of products in the next two years to replace some imports and help contend with crippling U.S.-led sanctions.

The Islamic Republic aims to produce electrical, automobile and telecommunications goods and double exports to 15 neighboring countries in order to reach a target of $48 billion, Reza Rahmani, minister for industry, mining and trade, was cited as saying by state-run Islamic Republic News Agency.

Iran started to ban some 1,400 non-essential goods and commodities within weeks of a sharp decline in the of the rial against the dollar last year, after the U.S. abandoned the 2015 nuclear deal and reimposed sanctions. The policy is designed to support local manufacturers and shore up foreign exchange supplies.

Read: How Iran Is Using Currency Reforms to Withstand Trump: QuickTake

Last month, Supreme Leader Ayatollah Ali Khamenei said government officials should ban the import of goods that are also produced domestically.

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