Iran’s auto parts to reach North Africa
Baku, Azerbaijan, Feb. 9
By Khalid Kazimov – Trend:
Mohammad Reza Najafi-Manesh, the secretary of Auto Parts Association of Iran, has briefed about a contract on exporting car parts to Africa.
Under the existing contract between Iran and a French automaker, the car part makers of the Middle Eastern country will supply spare parts to Algeria, Mohammad Reza Najafi-Manesh said.
He said that Iran’s deal with Peugeot, Renault and Citroen has envisaged exporting 30 percent of the output of the Iranian auto part makers to the North African country, Tasnim news agency reported.
Iran’s overall car part exports registered a 10-percent rise and accounted to $55 million during the first nine-months of the current fiscal year.
in the meantime, the Islamic Republic imported $2.794 billion worth of car parts, making 7.4 percent of the country’s overall imports in the 9-month period. The figure indicates a 113-percent rise year-on-year.
This is while the country plans to boost its annual car exports to $6 billion over the coming years. Iran in order to fulfill the plan needs to lure $3 billion in foreign investment and 10 trillion tomans (about $200 million) in domestic investment.
Over 1.253 million cars were produced in Iran during the first 10 months of the current Iranian fiscal year (March 20, 2017-Jan. 21).
Iranian automakers exported 10,000 cars (worth over $10 million) in the last fiscal year (ended March 20, 2017), which was 59 percent less compared to 24,500 cars in the preceding year.