Economy, Auto

GKN Reviving Contracts

GKN Reviving ContractsGKN Reviving Contracts

GKN Company, a British multinational auto parts manufacturer, has said that it expects good sales on the back of the lifting of sanctions from the Iranian economy.

The UK's Auto Express, in an interview with an unnamed official from the company, added that its contracts with Iran "remain intact".

The auto magazine noted that following the imposition of economic sanctions over the country's nuclear energy program, the British company had to pull out of Iran.

"But with happier times and greater political stability in the country, those contracts need not much more than a wash and brush-up before they’re fully active again," GKN said.

British companies have been slow to act on the lifting of economic restrictions on the Iranian economy and are sidelined by the Italians, Germans and the French who have signed major contracts with Iranian partners.

Britain's former chancellor of the exchequer, Norman Lamont, has been tasked with upping Britain's engagement with the Islamic Republic by Downing Street and has been named the trade envoy to Tehran.