TEHRAN, Iran, Sep. 6
Trend:
Iran's domestic auto part production has saved 341 million euros said the vice president of the Iranian Auto Parts Manufacturers Association (IAPMA), Trend reports citing IRNA.
The association provided incentives to deepen domestic production that included government incentives for automakers to improve production chain supply and investment in domestic projects, Mehdi Motalebzadeh has indicated.
"One of the incentives in this process is preventing imports of parts that have similar domestic products in the country, without this incentive investments in the development of domestic production would have little effect," he explained.
He also noted the possible return of foreign brands in Iran's auto and auto part market saying, it should include the transfer of auto part technology to domestic production and their export.
The auto part manufacturers demand from the government is incentives such as advances with low-interest rates, drafting tax incentives to promote production, and preventing import of auto parts that have similar domestic products in the country.
Iran has produced 991,692 vehicles in last Iranian year (started March 20,2020) that increased 19 percent compared to 2019 by using domestic auto parts.
Auto makers have yet to pay $15 billion debt to auto part makers.