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Industrial Development and Renovation Organization of Iran has entered a joint venture with a foreign company to produce explosion-proof LED lamps in Shiraz Special Economic Zone.

"Different types of explosion-proof LED lamps from 30 watts to 200 watts will be produced during this project, which uses state-of-the-art technology in the manufacturing process," Mohsen Salehinia, the CEO of IDRO, was quoted as saying by the organization's news portal.

According to Salehinia, who doubles as deputy minister of industries, mining and trade, $1.6 million have been invested in the project that is expected to come on stream in late 2021.

Noting that technical knowledge transfer will also take place in the project, the IDRO chief added that the final production capacity of this factory will be 190,000 explosion-proof lighting lamps per year.

The project is estimated to reduce power consumption by 14,000 MWh per year.

"The operation of this industrial unit will save $1 million in foreign exchange due to the reduction of imports of this product."

Shiraz is the capital city of Fars Province, one of the 31 provinces of Iran. It is located in south-central Iran. Shiraz Especial Economic Zone is located in the southeast of the city.​