Iran sets condition for foreign partners in car manufacturing projects

Iran sets condition for foreign partners in car manufacturing projects

Baku, Azerbaijan, Nov.23

By Fatih Karimov - Trend:

Iran has set a condition for foreign partners to invest in the country's car manufacturing projects.

Iranian Deputy Industry Minister Reza Norouzzadeh said 40 percent of production should be carried out by Iranian manufacturers, Iran's Mehr news agency reported on November 23.

The figure should increase to 85 percent over the course of five years, he noted.

Foreign cars should not be imported on CBU (Complete Built Up) basis, he added.

Iran's automotive industry has started to revive thanks to suspended western sanctions on the country's carmakers.

Western countries suspended certain sanctions against Iran as the Geneva nuclear deal came into force on January 20. Iran was permitted to import materials for its auto manufacturing sector as a result of the nuclear deal implementation, which has led to a sharp increase in the country's auto exports in recent months.

Iran exported 10,744 sedans during the last Iranian fiscal year (ended on March 20, 2014), with some 4,231 of that amount only exported in the latest Iranian month.

The Islamic Republic exported 10,744 sedans in the last Iranian fiscal year, with some 4,231 of that amount only exported in the latest Iranian month (Feb. 20- March 21).

Some 521,585 cars were produced in Iran in the first half of the current fiscal year (March 21 - Sept. 22). The figure shows a 74.3-percent increase compared to the same period of the previous year.

The country produced 989,110 cars in 2012, which made it Asia's eighth largest car manufacturer. Iran's automobile output faced a 40 percent decrease in 2012 due to the sanctions. The country was Asia's fifth largest car manufacturer in 2011, with a total output of 1,648,505.

Another batch of munition left by Armenian soldiers found in Azerbaijan's Khojavand
Another batch of munition left by Armenian soldiers found in Azerbaijan's Khojavand
Azerbaijan commemorating 5th anniversary of April 2016 military success in Karabakh (UPDATE)
Azerbaijan commemorating 5th anniversary of April 2016 military success in Karabakh (UPDATE)
Azerbaijan commemorating 5th anniversary of April 2016 military success in Karabakh
Azerbaijan commemorating 5th anniversary of April 2016 military success in Karabakh
Loading Bars
Latest
India, EU reiterate commitment to democracy, freedom and respect for human rights
Bangladesh: Multinational military exercise 'Shantir Ogroshena 2021' concludes
Turkey’s export of grains, legumes to Iran jumps
PM Modi to inaugurate virtual Raisina Dialogue, 50 countries to participate
US to support Georgian farmers, small business owners through agrotourism
External merchandise trade down in Georgia
New buildings of Turkmen Turkmenbasy, Senagat banks opened
Turkey's 1Q2021 export of chemical products sees increase
Iran's polyethylene exports rise
Georgia assists new ferroalloy enterprise in Terjola through "Produce in Georgia" program
Azerbaijan issues data on compulsory non-life insurance for Feb.2021
Foreign currency demand of Azerbaijani banks rebounds
Azerbaijan's revenues from customs duties increase
Azerbaijan's Feb.2021 lending to agriculture grows
Azerbaijani Customs Committee increases transfers to state budget for March 2021
Air France-KLM prices capital hike at 4.84 euros per share
Value of Uzbekistan's 1Q2021 import of Turkish ready-made clothes up
Volume of loaded, unloaded cargo in Iran’s Amirabad port decreases
Iran boosts pistachio exports
Azerbaijan to restore hydrological observation network in liberated Karabakh
Iran declares data on methanol exports
Iran ta launch several water and electricity facilities
Azerbaijan sees decrease in prices for gold, silver
Azerbaijan's Digital Trade Hub working on advancing business opportunities
Azerbaijani oil prices increase
Azerbaijan shares footage from Zangilan's Sarygyshlagh village (VIDEO)
Iranian currency rates for April 13
We cannot establish this interaction unilaterally – President Aliyev
We count on using Italian experience in developing agriculture on liberated territories – President Aliyev
From very first days of reconstruction, we invited Italian companies – President Aliyev
Baku Higher Oil School hosts opening ceremony of 2nd International Student Research and Science Conferences (PHOTO)
Italy is our very close friend and partner – President Aliyev
Conflict is resolved, and we need to look into future – President Aliyev
New Ambassador of Ukraine appointed in Turkmenistan
Georgia sees significant increase in COVID-19 cases
We need to concentrate on some elements, which can lead to future reconciliation - President Aliyev
Azerbaijan was conducting not just war of 21st century, but also war of new morality – President Aliyev
Azerbaijan was always interested in finding soonest solution to conflict – President Aliyev
Destructions on territories that we liberated are beyond our worst expectations – President Ilham Aliyev
We will never forget Khojaly genocide – President Aliyev
BlackRock in talks on Shikun & Binui investment
A lot of questions about post-conflict development remain - Azerbaijani president
Azerbaijani currency rates for Apr.13
Azerbaijani President Ilham Aliyev addresses conference at ADA University (PHOTO/VIDEO)
Turkey reveals 2M2021 data on ships received at Istanbul port
Transit of goods through Iran declines
China's 1Q2021 import of Turkish electrical goods up in value
Italian senator talks Azerbaijan's role in ensuring energy security of Europe
China's March trade surplus with United States at $21.37 billion
Oil prices climb on robust China data, Mideast tension
Outflow of job seekers from Turkey to Georgia surges
Iran says fuel trading at its energy exchange going smoothly
Japan's Osaka to report over 1,000 new coronavirus cases on Tuesday
Azerbaijani parliament speaker, Italian official discuss development of co-op
Soldiers were unprepared for war with Azerbaijan - ex-secretary of Armenian Security Council
China exports rise at robust pace in March, imports growth highest in four years
UN chief calls for 6 measures to finance recovery from COVID-19
Tehran to resume flights to London next month - Official
Slovak businessmen investing in infrastructure projects in Georgia's Tbilisi, Bakuriani
2,016 COVID-19 cases reported in Kazakhstan in past 24 hrs
Georgia to receive $111 million from IMF
Turkey’s current account gap widens to $2.6 billion in February
Credit Suisse cuts bonuses following Archegos loss
China extends crackdown on Jack Ma's empire with enforced revamp of Ant Group
Azerbaijani population’s demand for "Anti-Coronavirus" insurance product growing - Ateshgah Hayat
India approves Russia's Sputnik V COVID-19 vaccine
Turkey registers more than 54 560 new coronavirus cases
Yuri Gagarin image lights up Dubai’s Burj Khalifa
Korean battery makers rally after battery dispute settlement
Inventory of basic goods in Iran's ports increase
Eni Turkmenistan Ltd opens tender for provision of directional drilling services
Azerbaijan's Nakhchivan records industrial production value growth in 1Q2021
Azerbaijan's housing agency talks further plans on building residential complexes
Georgia not to cut economic growth forecast - Minister of Economy
Russia restricts air service with Turkey from April 15 to June 1
Iran, Afghanistan discuss bilateral ties, latest developments
Georgia faces third coronavirus wave - NCDC
Turkey welcomes Ramadan with tight measures against COVID-19
Operator of Kazakh Kashagan to hold open round-table on Marine Access Channels Project
Nvidia to directly challenge Intel with Arm-based 'Grace' server chip
New oil drilling platform activated in Turkmen sector of Caspian Sea
War Trophy Park to open for visitors in Azerbaijan’s Baku soon
Azerbaijani, Maldives FMs hold exchange views issues mutual interest
Uzbekistan discloses progress on construction of new plant of Navoiazot company
Azerbaijani FM receives delegation of Italian Senate (PHOTO)
Azerbaijan’s Baku Metro introduces solution for automatic supply of voltage to trains (PHOTO)
Several audit companies in Azerbaijan included in network of int’l organizations
Current interest rate in Azerbaijan to improve position of local capital market - Unicapital
International IT Holding of Belarus implementing big transport project in Azerbaijan
Russia's Red Wings may launch flights from Yekaterinburg, Chelyabinsk to Uzbekistan
Iran's Energy Exchange announces products to be on sale on April 13
Bahar Azadi gold coin price rebounds in Iran
Uzbekistan increases export volume of clothing to Kazakhstan
Iran's Natanz nuclear facility continues to operate – AEOI
UAE reports 1,928 new COVID-19 cases, two deaths
Russia allows import of tomatoes to several Azerbaijani enterprises
Israel's fiscal deficit narrows as economy begins recovery
IMF makes prediction regarding Georgian external debt
UK, EU talks on Northern Ireland are constructive, differences remain
Georgian E-Space actively cooperating with car dealers to bring new electric vehicles
All news