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World Car Makers Seeking Chances in Iran’s Market

| Economy & Markets | 12/02/2013


Iran-Automotive-Market

World Car Makers Seeking Chances in Iran’s Market
Date: Nov 30, 2013
Source: NHK World

Auto company officials have gathered for an international conference in Iran in a bid to capitalize on better economic conditions that are likely to follow a recent nuclear deal.

Organizers say Saturday’s conference in the capital of Tehran has attracted trading firms, parts manufactures and car makers from Iran and 19 other countries.

Participants from about 100 firms are discussing auto sales and investment in the local market.

Iran has been the largest car producer in the Middle East. But in recent years, its auto industry has suffered from restrictions on imports of foreign spare parts due to sanctions.

The deal over its nuclear program, negotiated between Iran and 6 world powers in November, is likely to change that. The agreement includes temporary easing of sanctions on the auto industry.

A representative of an Iranian carmaker said the agreement has drastically changed the outlook for the industry. The official called on foreign firms to take advantage of the situation.

Representatives from French and Chinese auto parts companies said the deal represents a major business opportunity.

A Japanese trading firm official said the situation looks promising, but added that it will take time to assess the situation.

 

  

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