Baku, Azerbaijan, April 12
By Khalid Kazimov – Trend:
In order to renew its car part manufacturing industry, Iran needs to lure a total of $5.3 billion in foreign and domestic investment, said a senior industry representative, IRNA reported.
Mohammad Reza Najafi-Manesh, the secretary of Auto Parts Association of Iran, has said that the industry in order to renew needs to lure $3 billion in foreign direct investments and 100 trillion rials ($2.3 billion) in domestic investment.
He added that the country imported $2 billion worth of car parts over the last Iranian calendar year which ended on March 21.
The senior manufacturer estimated the value of the country’s car market at 600 trillion rials ($14.2 billion).
Over 1.718 million of various new vehicles were sold at Iran’s market in 2017, according to the latest report of the International Organization of Motor Vehicle Manufacturers (OICA).
The figure which indicates a rise by 19 percent year-on-year, is the highest volume of sold vehicles in the country in recent years.
Iran was the 12th biggest car market in the world in 2017 with 7.1 percent share of global market.