Iran eyes turning into car making hub

Business Materials 29 February 2016 20:35 (UTC +04:00)

Baku, Azerbaijan, Feb. 29

By Khalid Kazimov - Trend:

Iran is planning to turn into a hub for producing cars in the Middle East, an Iranian carmaker said.

The head of Iran's SAIPA automaker, Mohammad Jamali, has said that given Iran's geopolitical situation and its high security, the country is capable of turning into a car making hub in the region, ILNA news agency reported.

Jamali further called on the international car makers to join efforts with Saipa.

"The value of the assets of Saipa is about seven billion dollar and the value of its share in Tehran Stock Exchange has grown by 145 percent which indicates the company's readiness for cooperation with international leading companies," he added.

Earlier Iranian officials announced that the country's auto part manufacturing industry needs to absorb $8 billion worth of foreign investment in a long-term 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 indicated that Iranian automakers produced 1,090,846 cars and commercial vehicles in the mentioned period.