Auto Parts Localization Checks Capital Flight by $210 Million

Major Iranian automaker Iran Khodro (IKCO) has slashed capital flight by $210 million through localization of vehicle parts in the last two Iranian years (March 2019-21).
Farshad Moqimi, CEO of the company, said IKCO has implemented 135 auto parts localization and vehicle design projects in the past two years with the help of Iranian auto parts manufacturer SAPCO. 
“The projects have gradually curbed IKCO’s dependency on foreign suppliers,” Mehr News Agency quoted Moqimi as saying.
According to IKCO’s chief, the company has produced 2,000 sets of vehicle frames and mechanical tools, saving up to $22 million with the support of industrial units affiliated with the Defense Ministry and knowledge-based companies.