Peugeot company needs to recognize Iran’s interest for win-win situation

Tehran, Iran, May 10

By Milad Fashtami - Trend:

Peugeot company needs to recognize Iran's interest for a win-win situation.

Iran's Deputy Minister of Industry, Mines, and Trade, Hossein Abouee Mehrizi, said on May 10 that transferring the technical know-how, and mutual investments are among the conditions set for expanding cooperation with the French company, Iran's ILNA News Agency reported on May 10.

He went on to note that the ministry is not worried about Iran's car industry.

"Iran's car industry has many advantages which make it interesting for foreign firms," he said.

The chief executive officer of French carmaker Peugeot said on May 6 that the company is exploring new scope for cooperation with Iran, Tehran Times reported.

Peugeot CEO Maxime Picat held talks with Hashem Yekke Zare', the CEO of Iranian joint venture partner Iran Khodro, in Tehran in April to return to the Iranian market.

Fulfillment of the previous commitments, transferring the technical know-how, mutual production of cars, as well as selling Iran Khodro's vehicles through the French exporting network were discussed and reviewed during the meeting, the ISNA news agency reported on May 6.

During the meeting, Picat said that Peugeot is seeking more share of its products in the Iranian market.

"Although Peugeot has stopped its trade with Iran for a while, the company's long-term target is to re-enter Iran's market," he added.

French carmakers Peugeot and Renault look to be among the clearest beneficiaries of the interim deal that lifts some sanctions on Iran, with both hoping to leap back into the Middle East's biggest auto market, AFP reported in November.

PSA Peugeot Citroen was the top car manufacturer in Iran before the sanctions, selling 458,000 vehicles in 2011 in what used to be its second-biggest market worldwide after France. Its cars, most of them assembled by an Iranian partner firm and rebranded, are ubiquitous on Tehran roads.

Renault sold 103,000 vehicles there last year before leaving. Iran itself counts car manufacturing as its second-biggest industry after oil, accounting for 10 percent of its gross domestic product.

Iran and the 5+1 group (the five permanent members of the UN Security Council plus Germany) signed an interim agreement over Tehran's nuclear program in Geneva on November 24, 2013, according to which Iran agreed not to expand its nuclear program and to suspend its 20 percent uranium enrichment in return for a limited easing of the sanctions imposed on the country.

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