Iran Defense Ministry Extends Help to Embattled Automotive Industry

Major local carmaker Iran Khodro (IKCO) is strengthening ties with Defense Ministry-affiliated firms by planning 23 auto parts production projects.
This is IKCO's newest move to curb the sector's dependence on imports. Following the imposition of harsh US sanctions, Iranian carmakers faced an uphill battle to sustain their operations.
Farshad Moqimi, CEO of IKCO, said the company will utilize the technical and engineering expertise of eight industrial companies affiliated to the ministry to curb the auto industry’s reliance on imports, Donya-e Eqtesad reported. 
The projects will become operational as soon as the agreements' terms and conditions are finalized, he added. 
The initiative to increase the share of domestic auto parts production was first launched by the Industries Ministry that also applauded similar moves by carmakers. 
According to Moqimi, during the meetings arranged by the Industries Ministry over the past several months, IKCO has signed agreements with 39 local part makers to localize 85 key items that were imported in the past.