Auto
0

Gov’t to Invest Over $170m in Auto Localization R&D Project

Gov’t to Invest Over $170m in Auto Localization R&D ProjectGov’t to Invest Over $170m in Auto Localization R&D Project

Iran’s Industries Ministry plans to invest 40 trillion rials ($173.9 million) in a research and development project aimed at localizing key auto parts, a deputy industries minister said.
Mehdi Sadeqi Niyaraki added that several firms and state entities have joined forces to implement the project. 
Major Iranian car companies are to spearhead the project by tapping into the potentials of local tech firms and knowledge-based companies, IRNA reported.
The Defense Ministry and the Islamic Revolution Guard Corps’ Aerospace Division will also contribute to the project. The ministry has lately undertaken a number of projects to indigenize auto parts production and IRGC’s aerospace arm has become active in the field of automotive engineering and R&D over the past few years.

Premium

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

Financialtribune.com