The Iranian Auto Parts Manufacturers Association and Germany’s Bavarian Industry Association signed a memorandum of understanding to cooperate in the production of automotive parts, a member of the association's board of directors announced. Speaking to Tasnim News Agency on Monday, Mohammad Reza Najafimanesh said the agreement was recently signed in the German city of Munich. Najafimanesh added that as per the deal, economic activists from Iran and Germany will be introduced to IAPMA and the Bavarian Industry Association will pave the way for closer cooperation between the two sides. Iran’s automotive industry is the second largest in the country, after its oil and gas industry, accounting for 10% of the GDP. The MoU was signed during a recent visit to the German state of Bavaria by a delegation from Tehran Chamber of Commerce, Industries, Mines and Agriculture.
