Economy, Auto

Japan Urged to Invest in Autos Soon

Japan Urged to Invest in Autos Soon Japan Urged to Invest in Autos Soon

Iran's Minister of Industries, Mining and Trade Mohammad Reza Nematzadeh has urged Japan to act quickly, if the country wishes to invest in the country's automotive sector.

In a meeting with the Japanese delegation, including foreign minister, Fumio Kishida, the industries minister said that if the East Asian country wishes to invest seriously in the local automotive sector, then it must act quickly.

"Iran is a huge market for Japanese automotive companies and the country could become a base for those companies to export Iranian-manufactured Japanese products," he said.

He added that Japan must invest on a large economic scale in the Iranian market to achieve a potentially lucrative trade.

Nematzadeh made the comments, as representatives of other companies and ministers of other countries have been visiting the country to plan the reentry of their brands in the local market.

The official said that his meeting with the Japanese delegation was successful and both sides agreed to a 10-year roadmap to build future relations. He did not elaborate further.

Japan's automakers have not entirely disconnected themselves from the Iranian market over the past few years, but have limited themselves to token imports of luxury cars.  The expected ramping up of bilateral business ties could suggest a new joint plan between local car builders and Japanese counterparts.

Chabahar Port, touted as Iran's future vehicle manufacturing hub, has been rumored to become a future Japanese manufacturing point for their cars for the local and regional markets.