TEHRAN, Iran, Nov.10
Trend:
Industrial Development & Renovation Organization of Iran (IDRO) has signed a contract worth 120 million euros with domestic companies for production of auto parts, Trend reports citing IDRO CEO Bagher Aali.
“We intend to raise the value of such contracts to $10 billion within the next 2 years, the CEO said, ILNA reports.
Referring to the strategy of the Ministry of Industry, Mine and Trade this year,Aaali said that in addition to the automotive sector, there are eight other industrial sectors for which domestic production projects have been designed.
IDRO CEO noted that the third Domestic Production Meeting and the first meeting for the domestic production of copper were to be held at the Tabriz Exhibition, which was postponed to another day due to the earthquake.
“We will sign contracts with manufacturers that are capable to meet the needs of companies for imported parts,” he said. “Domestical parts manufacturing will certainly drop the prices.”
An earthquake with a magnitude of 5.9 has struck in northwestern Iran in the East Azerbaijan Province, killing at least five people, state media reported.