Dymos Interested in Iran Production

Dymos Interested in Iran Production
Dymos Interested in Iran Production

A South Korean auto parts official said Iran has the right structure to develop its auto industry into a global player.

Lee Myeong-jin, a company official at South Korea's Hyundai Dymos, an auto parts subsidiary of Hyundai Group, said Iran has the raw materials at hand and the industrial capability to push ahead with its automotive growth plans, IRNA reported.

The Korean executive noted that his company is ready for all-out cooperation with the Islamic Republic.

"Iranian consumers are mainly concerned about the cost of products and secondly about the quality of parts," he said.

Lee noted that his company is in discussions with several local companies to get things off the ground in Iran and that they can meet the needs of Iranian consumers.

"As a regional manufacturing base, Iran holds huge potential for exports to other regional countries," he said.

  Upcoming Investment Event

The news of Dymos in the local market comes ahead of a conference on Iran's potential economic growth, which will be hosted by the South Korean Embassy in Tehran.

In that event, several areas, including automotive opportunities and challenges in the parts industry, will be discussed.

Several Iranian officials will attend the event, including Sasan Qorbani, secretary-general of the Iranian Auto Parts Manufacturers Association, as well as Kim Hyun-chul, a professor from the Kunsan National University of South Korea.

The Korean delegation in Iran follows other recent news about Dymos ramping up operations in its US plant in the state of Georgia.

Hyndai Dymos was founded in 1994 and currently employs 6,400 people globally, according to its main website. Its total sales in 2015 amounted to $4.01 billion.

The company currently works with several manufacturers, including Korea's Hyundai and Kia, China's Geely and the US' General Motors, among several other companies.

In early May, Tehran and Seoul signed over a dozen cooperation pacts in the Iranian capital after the endorsement of 19 memoranda of understanding, out of which 13 were signed in the presence of the two countries' presidents. One of the MoUs pertained to future industrial cooperation.