70802
Banking hurdles are slowing MAN’s return to Iran.
Banking hurdles are slowing MAN’s return to Iran.

MAN Sees Iran as Biggest Growth Market

MAN Sees Iran as Biggest Growth Market

MAN Diesel & Turbo, a German multinational that produces engines and turbo machinery, has said it is increasingly active in Iran, seeing the country as its biggest growth market in the region.
“We are very active in Iran. We’ve restarted our company there, called MAN Iran Power. We are now building a workshop there, I just signed a lease on the shed,” said Gaby B. Hanna, vice-president and head of MEA region for MAN Diesel & Turbo, Trade Arabia reported this week.
A shed refers to a place where engines or turbines are designed and tested before being sold.
MAN Diesel & Turbo is ensuring that it is fully compliant with all regulations when dealing with the Islamic Republic.
“We see Iran, putting aside all the political issues, as a big market for us,” said Hanna, adding: “The biggest growth market for us.”
Commenting on the lack of investment in Iran, Uwe Lauber, CEO of MAN Diesel & Turbo, noted that the country was a very important market before sanctions were imposed.
However, due to the freeze on business dealings,  the country was forced to turn to China and South Korea.
“Over the last couple of years, nothing has been invested. And of course, during the sanctions, we were not able to serve our customers … and to keep plants operating, the Chinese and Koreans were there,” Lauber said.

 Slow Pace
Hanna added that while the opportunity was definitely present in Iran, compliance was significantly slowing the pace of business.
“Until they have their banking sector sorted out, there will still be difficulties,” he added.

 

Short URL : https://goo.gl/mWV5vv
  1. https://goo.gl/Qpt5Uk
  • https://goo.gl/FYGv1v
  • https://goo.gl/8C1xod
  • https://goo.gl/ycU2Zp
  • https://goo.gl/cCPB7L

You can also read ...

Telegram Raises $850m From Investors Before Planned ICO
The chat app company Telegram filed documents with the US...
Iran-Greece Trade Tops $1.5 Billion
Iran exported more than €1.26 billion worth of goods to Greece...
On Sunday, the rial traded at 46,130 to the dollar, up 1.8%. 
With its foreign exchange package now in full swing, the...
Ban on Contraband Cellphones in Iran Reaches LG
Following the government’s belated policy of curbing cellphone...
Facebook has to delete all data it has gathered on Belgian citizens.
A Belgian court threatened Facebook (FB.O) on Friday with a...
Intel Hit With  32 Lawsuits
Intel has revealed that the company is facing at least 32...
Iran Decision on FATF Agenda
The Financial Action Task Force–the global anti-money...
Iran’s unemployment rate in the third quarter of the current...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus