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Iran's auto industry reduces reliance on auto parts import - minister

Business Materials 29 June 2021 13:39 (UTC +04:00)
Iran's auto industry reduces reliance on auto parts import - minister

TEHRAN, Iran, June.29

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Iran's automakers and auto part makers, have reduced reliance on imports by $1.5 billion that would increase domestic production, said the Iran Minister of Industries, Mine, and Trade.

"The production will increase in current Iranian year (started March 21, 2021) compared to last Iranian year(started March 20, 2020) and automakers are planning diversity in production and providing new products," said Alireza Razmhosseini, Trend reports citing IRNA.

The minister announced that a joint memorandum of understanding has been signed between the Industrial Development & Renovation Organization of Iran (IDRO), the country's two major automakers, the Central Bank of Iran, and the Foundation of Martyrs and Veterans Affairs.

The following agreement would obligate Iran Khodro and SAIPA to deliver 30,000 vehicles to veterans and their families.

"The memorandum of understanding would help veterans especially individuals that have difficulties in transportation and these vehicles would be provided from the increase of auto production," said the minister during the signing of the agreement.

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