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EghtesadOnline: The Government Trading Corporation of Iran has given the green light for importing 550,000 tons of sugar to stabilize the market.

GTC deputy head, Hassan Abbasi, said that Iranians consume between 2.2 and 2.4 million tons of sugar a year and last year’s (March 2016-17) sugar production stood at 1.64 million tons, therefore imports of 550,000 tons of sugar will not hurt domestic production, GTC's website reported.

GTC is a government-owned company specializing in the purchase, import and distribution of essential foodstuff.

It is the lever for enforcing market controls. The company is also in charge of maintaining a supply of wheat, rice, cooking oil and meat, as the country’s strategic reserve of essential commodities, according to Financial Tribune.

GTC Iran sugar Iran sugar market Iran sugar imports Hassan Abbasi