Iranian truck maker keen to open firm in Azerbaijan

Business Materials 4 July 2016 21:01 (UTC +04:00)

Tehran, Iran, July 4

By Mehdi Sepahvand – Trend:

Iranian truck maker Iran Khodro Diesel intends to invest in Azerbaijan to launch a factory there, according to Iran’s Deputy Minister of Industry Mohsen Salehinia.

There have been talks between the two countries and now Iran has offered a business plan to the Azerbaijani side, which is considering it, he told reporters at a press conference in Tehran, Trend correspondent reported July 4.

Elsewhere in his comments, the official said that Iran Khodro is looking forward to exporting 50 percent of the cars that it will produce in cooperation with the French Peugeot starting 2017.

Salehinia’s comment comes despite the fact that so far Iran Khodro has maintained that it will export 30 percent of the products.

The deputy minister also said that on July 5, Iran Khodro and Peugeot will introduce the chief executive officer of the joint company that they recently launched.

The Iranian and French companies signed a contract June 21 to launch a joint company in Iran to produce Peugeot cars.

The amount of the joint investment for launching the company for a five-year run is 400 million euros, with sides bringing in 50 percent each.

The other major car maker Saipa is also in talks with French, German, Japanese and South Korean companies for a joint venture, Salehinia further said.