Iran Khodro plans to open four new production lines  in Azerbaijan.
Iran Khodro plans to open four new production lines  in Azerbaijan.

Iran Khodro to Expand Azeri Operations

Iran Khodro to Expand Azeri Operations

Iran’s largest automaker Iran Khodro Group (IKCO) plans to open new plants in neighboring Azerbaijan following years of absence from neighboring CIS markets.
The issue was on the agenda of the Azerbaijan-Iran Business Forum in Urmia, where a delegation headed by Azeri Economic Minister Shahin Mustafayev arrived in the northwestern Iranian city to discuss expansion of cooperation, according to Azer News.
Mustafayev told the meeting that Iran’s biggest automaker Iran Khodro plans to open four new production lines in Azerbaijan with production of locally developed models and the Samand, Soren and Runna being the most likely candidates.
In 2016, Azerbaijan’s AzEuroCar LLC and Iran Khodro signed an agreement to create a joint car plant in the Neftchala Industrial Area. The plant with a capacity of about 10,000 cars per year will produce four Iranian models including the Dena.
The cost of the future auto project is estimated at $15 million. The plant is expected to produce the first cars in May. Some 20% of the vehicles  will be exported to other CIS countries including Georgia and southern Russia. 
The cars produced at the Azeri plant will meet Euro 5 standard as per Azeri law. 
Mustafayev noted that Azerbaijan and Iran intend to increase bilateral trade to $500 million in the coming years.
Trade turnover between the two neighbors reached $15.77 million in January, while last year during the same month it was $9.56 million.  In 2016, Azerbaijan’s trade turnover with Iran amounted to $210.76 million, which was 70% more than in 2015.
He noted that 538 companies with Iranian shareholders operate in Azerbaijan and have invested $150 million in the neighboring republic. 


Short URL : https://goo.gl/Y46Xpm
  1. https://goo.gl/qRDmni
  • https://goo.gl/aAzQqN
  • https://goo.gl/q7XKIm
  • https://goo.gl/39gUbr
  • https://goo.gl/8TD0AM

You can also read ...

Pretoria Hosts South Africa-Iran Business Forum (Photo: AfricaNewsAgency)
The South Africa-Iran Business Forum was held in Pretoria,...
485,000 New Jobs Averaged Annually Since 2013
An average of 485,000 jobs were created every year during...
IKCO’s main target destinations are Algeria, Azerbaijan, Iraq, Oman, Senegal and Tunisia.
Iran's major automakers, Iran Khodro and SAIPA, have announced...
Furniture Exports on Decline
Iran exported about $6 million worth of furniture during the...
About 1,837 million shares valued at $86.508 million changed hands at TSE on Oct. 23.
Tehran Stock Exchange’s main index lost 134.00 points or 0.15...
The health deal was signed in Iran’s Embassy in London on Oct. 23.
Iran’s Ministry of Health signed an investment and cooperation...
Renault Launches Used-Car Sales Scheme in Iran
Negin Khodro, the local official importer of Renault cars, has...
The fiscal 2014-15 was the worst year for the construction sector in recent memory, with growth rate reaching its nadir at -17%.
The research arm of the Iranian Parliament has forecast a...

Add new comment

Read our comment policy before posting your viewpoints

Enter the characters shown in the image.