Iran to hit two car industry accords soon

TEHRAN, Mar. 07 (MNA) – Iran’s industry minister said two automotive contracts with foreign partnership will be inked by the end of the current Iranian calendar year (to end March 21).

Minister of Industry, Mines, and Trade Mohammad Reza Nematzadeh, while pointing to the two new car industry agreements with foreign partnership, said 30% of products will be deployed to global markets.

He also touched upon foreign cooperation in manufacturing auto parts adding “several collaborations have been launched which will boost automaking, designing and exports capabilities.”

“On the basis of envisaged policies in the 20-Year National Vision of the Islamic Republic of Iran, targets were defined and global experiences were probed into,” highlighted the official adding “we also assessed capacity of the domestic market and intend to reach a minimum output of three million vehicles per year while maintaining 50 percent of the share in brand and design.”

Nematzadeh recalled that the automotive industry accounted for nearly 18% of the Gross Domestic Product (GDP) noting “volume of vehicles manufactured in Iran has increased by over 40 per cent.”

“Despite great technical strength in indigenous automakers, the auto industry suffered from certain financial and management issues which are being resolved, he continued.


News Code 124048


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