Iran plans to increase its annual non-oil exports to $50 billion by mid-March 2017, according to a senior official.

The government, in line with the objectives of the Resistance Economy, is planning to increase non-oil exports by $10 billion to reach $50 billion by mid-March 2017, Iran’s Minister of Industries, Mines, and Trade Mohammadreza Nematzadeh was quoted as saying in an Iran Daily News report, citing Shana.

Highlighting the importance of developing exports and foreign trade based on the policies of the Resistance Economy, he said that several measures such as the maximum use of local capacities and a boost in domestic production have been envisaged as among the policies to achieve the goals.

Last year, Iran exported goods worth $42.415 billion while its imports reached $41.499 billion, showing a 16.11 per cent decline in the value of exports and a 22.53 per cent fall in the value of imports compared to the figures for the year before.

In recent years, Iran has stepped up efforts to enhance non-oil exports, and has seen growth in the export of services particularly in the tourism, engineering and transit sectors, added the report.