(MENAFN) Iran's supreme leader Ayatollah Ali Khamenei called the nation to stop exporting oil and establish knowledge-based industries instead, Reuters reported.
A "resistant economy" is what Khamenei named the new initiative to effectively overcome Western sanctions.
He said Iran should stop selling raw materials, including oil, and instead promote "knowledge-based companies" as the means to make a resistant economy more sustainable.
He gave no timetable or details of what would amount to a total overhaul of Iran's economy.
At the beginning of this month, Iran fell under a European embargo on its oil imports, after the US tightened its banking sanctions, aimed at forcing Iran to halt its nuclear activities.
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