Jul 12, 2014, 12:26 PM
News Code: 2720992
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Iran minister: 14,000 industrial units closed

Tehran, July 12, IRNA - Minister of Mines and Industries Mohammad Reza Nematzadeh has provided the government with a ‘shocking’ report showing that over 14,000 industrial units have been closed in recent years due to financial problems.

Nematzadeh said in the report that 40,000 billion rials (around $1.3b) facilities are needed to help some of the units resume their activities, Saturday's edition of 'Iran Daily' said in its Upside/Downside column.

The minister predicted that the facilities can create more that 11,200 job opportunities in the short term.

Reports say the cabinet also studied the report and pledged to help boost small industries.

Experts say financial problems, Western sanctions and a decrease in the value of national currency are the main reasons for the closure of industrial and production plants.