Minister: Iranian automakers ready to cooperate with Chinese investors

Iranian car manufacturers and auto part makers welcome joint investment and cooperation with their Chinese counterparts, said minister of industry, mine and trade.

Minister: Iranian automakers ready to cooperate with Chinese investors

Talking to IRNA, Reza Rahmani said that Iran has a developing car industry while predicting that Iran’s car market will get bigger in the coming years.

Pointing to the cooperation of Iran’s auto industry with some European companies during past years, the industry minister said that the industry needs further development to produce cars of higher quality.

He added that the Chinese automakers are increasing the quality of their products in comparison with the past.

Rahmani expressed Iran’s readiness to develop cooperation with Chinese manufactures and investors in order to produce cars of high quality at reasonable prices.

He added that Iranian companies which produce car parts can increase their capabilities through joint investments with their Chinese counterparts in order to have a more serious presence in the markets of the region.

Managing director of Industrial Development and Renovation Organization (IDRO) of Iran said on Saturday that IDRO has signed contracts worth €120 million with domestic auto spare parts producers.

The main strategy pursued by the Iranian Ministry of Industry, Mine and Trade in the year to March 2020 is to boost and promote domestic production, noted Mohammad-Baqer Aali speaking on the sidelines of the opening ceremony of the 14th Iran International Auto Parts Exhibition (November 9-12, 2019) in Tehran.

He added that by March 2022, $10 billion worth of contracts are expected to be struck with domestic auto parts manufacturers.

Elaborating on the ministry’s plan to expand domestic output, the IDRO chief said the blueprint comprises a number of highly precise subprojects, which in addition to the field of car production, will be implemented in eight other areas of the country’s different industrial sectors.

He expressed optimism that stimulating domestic production of auto spare parts would lead to a fall in their prices.