Iran to expand support for domestic auto makers

Business Materials 11 January 2019 19:32 (UTC +04:00)

Tehran, Iran, Jan. 11


Iran’s Ministry of Industry, Mines and Trade aims to support domestic auto production financially.

“The ministry’s approach is to support the auto and spare part makers to promote the domestic production and expand the capacities of the private sector,” said Deputy Minister of Industry, Mines and Trade Saeed Zarandi, Trend reports citing IRNA.

“The ministry has allocated credits to auto makers and the companies that the government has share in,” he added.

“The National Development Fund and banks will allocate about $2 billion in credits and $200 million in subsides to the industry within a year,” he added.

The recent statistics on Iran’s auto industry shows domestic production from March 21 until late November 2018 included production of 38,275 cars, 61 vans, 2,494 trucks, 148 mini buses, 12 buses and towing trucks.

Compared to the same period in last Iranian year (March 21 until late November 2017), the country’s auto production has had a 71 percent fall.