800 companies participating in Iran’s car parts exhibition
Baku, Azerbaijan, Nov.28
By Fatih Karimov - Trend: The 9th international exhibition of car parts opened in Tehran with 800 companies in attendance.
Some 450 Iranian companies and 440 foreign companies from 20 countries are participating in the exhibition, Iran's IRIB reported on Nov. 28.
Germany, Turkey, Japan, Italy, Argentina, India, France, Britain, Spain, Brazil, Belgium, China, Saudi Arabia, Taiwan, Thailand, South Korea, Bosnia, the Netherlands, Sweden, and Austria are the foreign participants in the exhibition.
Sanctions on Iranian car makers were suspended in the interim nuclear deal of November 2013 with the aim of easing Iran's ability to import parts.
Car production in Iran increased by 71.4 percent in the first seven months of the current Iranian calendar year (March 21-October 22), compared to the same period in the previous year.
The automobile industry, the biggest non-oil sector of the Iranian economy, constituting around 10 percent of gross domestic product (GDP), boomed over the decade ending in 2011 due to government support and the dearth of international competitors in the domestic market.