Official: Sanctions will not shut down Iran’s car industry
Azerbaijan, Baku, Jun.10/ Trend F.Karimov/
The Iranian car industry will not be shut down as a result of international sanctions, IRNA quoted the Iranian Industrial Development and Renovation Organisation's chairman Gholamreza Shafei as saying.
Shafei added that the main problem facing the Iranian car industry is not international sanctions, but the shortage of revolving capital.
"A high percentage of car parts are being manufactured domestically," he said, adding that rising foreign currency exchange rates and production costs increased the car industry's need for liquidity.
Iran imported over 44,000 cars valued at around $1 billion, during the past Iranian calendar year which ended on March 20. Imports showed an 11.3 per cent rise year on year.
The average price of imported cars was $24,441, according to the report.
The UAE, South Korea and Kuwait were the main sources of exporting cars to Iran, with 57 per cent, 27 per cent, and four per cent shares of the total number of exported cars, respectively.
Iran plans to manufacture at least three million cars by 2025 and export some one million, Iranian Industry, Mines, and Trade Minister Mehdi Ghazanfari said.