BAKU, Azerbaijan, May 3
By Elnur Baghishov - Trend
Iran Khodro Industrial Group (IKCO) will save 173 million euros in the current Iranian year (starting from March 20, 2020), said Executive Director of Iran Khodro Industrial Group Farshad Moghimi, Trend reports citing the company’s official website.
According to Moghimi, 21 projects will be implemented for the production of high-tech spare parts in the country this year.
Moghimi added that the domestic production of spare parts requires an investment of 6.42 trillion rials (about $152 million) and 15 million euros.
The director said that half of the investment can be secured by repaying the debt to the manufacturers of spare parts.
"The other half will be provided by the Iranian Ministry of Industry, Mines and Trade under long-term and low-interest loans," he said.
Moghimi said that it is possible to use the investment of citizens in the production of spare parts in the country.
With the sharp devaluation in Iran in 2018 and the subsequent US sanctions against Iran, a number of problems arose in the provision of currency. In order to solve this problem, Iran has chosen to prioritize domestic production in various fields.