Baku, Azerbaijan, Nov. 19
By Umid Niayesh- Trend:
Iran's auto part manufacturing industry is in need of foreign investments, said Mohammadreza Najafimanesh, a board of directors' member of Iranian Auto Parts Manufacturers Association said.
Najafimanesh said that the industry needs to absorb $8 billion worth of foreign investment in the 10-year period.
He made the remarks on the sidelines of a forum of the Iranian and Japanese businessmen in Tehran on Nov. 18, Iran's official IRNA news agency reported.
Najafimanesh invited Japanese companies to invest in this sector. He added that 40 percent of the car manufacturing process in Iran should be indigenous and 30 percent of the jointly manufactured cars should be exported based on the industry, mining and trade ministry's policies.
He also said Iranian and Japanese car makers and auto parts manufacturers can cooperate in long-term.
Following the last July historic nuclear deal which envisages removing international sanctions against Tehran, Iran's former trade partners including Japan have started dispatching delegations to Tehran to study cooperation in the post-sanctions period.
The 2014 production statistics released by the International Organization of Motor Vehicle Manufacturers (OICA) show that Iran's auto production increased by 46.7 percent in the 12-month period. The figures indicate that Iranian automakers produced 1,090,846 cars and commercial vehicles last year.
Iran's car output reached 555,954 (496,982 sedans and 58,972 commercial vehicles) in the first half of the current year, according to the OICA.
The figures indicating a 13.9 percent increase year on year make Iran the world's 18th largest car manufacturer in the period.