TEHRAN – The CEO of Industrial Development and Renovation Organization of Iran (IDRO) says the implementation of the JCPOA does not mean that the country is widely open to foreign-made products and the government has not followed that policy.

Addressing the 50th foundation anniversary of the IDRO, Mansour Moazami said that nuclear agreement and the so-called JCPOA was an opportunity for balancing domestic capabilities with foreign facilities.

He went on to say that the JCPOA is actually a help for boosting domestic capabilities like in auto industry where more than 19 million cars are available in the country and every family almost has a car.

Moazami added that after the implementation of the JCPOA, six agreements have been signed in the auto industry as two of them have come into effect and products resulted from them are now in the market. He reiterated that in the auto industry contracts, there is no talk about imports but it is an investment issue.

He went on to say that after the implementation of the JCPOA, contracts for foreign investment worth $8b have been signed and almost contracts worth $5.5b have come into effect.

He admitted that in banking, the transactions have begun but it is lower than expectation and major banks have not resumed investment because they fear the U.S. threats and limitations.

He said Iran expects from European and foreign banks to be more active and to expand economic relation in line with political ties.

Moazami noted that IDRO has carried out 250 major industrial projects in the country in the past half a century and it is a body at the service of national industry. He noted that the industrial growth was around 6.5 percent last year which is a proof for growth in the industry sector.

He also urged the government and Majlis not to limit the activities of the organization.

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