IKCO Launches More Localization Projects

Carmaker Iran Khodro (IKCO) has launched nine localization projects to curb the company’s capital flight by at least €17.5 million annually.
The firm’s CEO Farshad Moqimi has been quoted as saying by IKCO Press, “We have initiated nine new projects that would cut capital flight by €17.51 million.”
According to Moqimi, 31 projects are on track, which will hopefully reduce reliance on foreign suppliers and curb capital flight to the tune of €52.62 million.
He noted that several other projects are being studied, which could reduce auto industry-related imports by €163 million.