Iranian Auto Parts Makers, SMEs Sign $100m Deal

The deal worth over $100 million, signed between major parts makers and local SMEs, is expected to help curb Iran auto industries’ overdependence on imports
Iranian Auto Parts Makers, SMEs Sign $100m Deal
Iranian Auto Parts Makers, SMEs Sign $100m Deal

Major Iranian auto parts manufacturers have recently signed a contract worth 12 trillion rials (over $100 million) with 32 local SMEs as part of a push to provide some relief to the country’s auto industries that have been hard-pressed by US sanctions.
During a meeting held in Tehran on Saturday, SAPCO, Sazehgostar and Mega Motor part makers, affiliated to Iranian auto manufacturer SAIPA, signed a multilateral agreement with 32 small- and medium-sized enterprises, ISNA reported.
Speaking at the meeting, Mehdi Sadeqi, an official with Industries Ministry, said the deal envisages the localization of 77 imported parts. 
"The effort will help Iran curb capital flight to the tune of €175 million," he added.


Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment