Renault will return to Iran - official

Business Materials 15 March 2019 09:28 (UTC +04:00)

Tehran, Iran, March 15


The Iran’s Deputy Minister of Industry, Mining and Trade Farshad Moghimi, pointing to the high volume of Renault's investment in Iran, announced that the company will return to the country.

He announced that Renault, invested $1 billion and will return to Iran according to the amount of investment, Trend reports citing Mehr News Agency.

"We have taken the measures to start Renault production line again with a series of changes,” he continued.

In July 2018, Renault put its Iran operations on hold to comply with the US sanctions against Tehran.

In 2017, Renault signed an agreement with Iran’s Industrial Development and Renovation Organization and local dealer Parto Negin Naseh Co. to boost its local production by 75 percent. The company said it had not yet started manufacturing vehicles or making investments under the deal, but has been producing cars there since 2003 with two other partners.

One of the crises that the Iran automotive industry faces today is the unpaid demands of the car part makers. Moghimi said that next week all the debts will be fully paid out.