Gov’t Seeking Way Out for Beleaguered Auto Industry

The Industries Ministry is working out a support plan that authorities believe will be the answer to the auto industry’s recent troubles. While the details of the plan have not been disclosed, it is expected to include an increase in the amount of incenti
Gov’t Seeking Way Out for Beleaguered Auto Industry Gov’t Seeking Way Out for Beleaguered Auto Industry
The deputy industries minister recently suggested that the package would envisage an increase in the limit on government incentives for the industry to 100 trillion rials or $1.19 billion according to the free market exchange rate of 84,363 rials for the

Iran’s Industries Ministry is preparing a support plan for the hard-pressed auto industry in a bid to salvage the key sector from plunging into further disarray which can hit thousands with unemployment.  
Amir Hossein Qanaei, a top official with the Industries Ministry, says the government is prepared to financially support car manufacturers and auto parts makers at this time of volatility and uncertainty, SHATA, a news agency affiliated with the ministry, reported.
Qanaei says all the necessary resources for the industry’s survival have been considered, adding, “The details of the package will soon be released.”
The plan envisages procurement of raw materials and foreign currency for the businesses.


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