Economy, Auto
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Iranian Government Introduces Rescue Package for Auto Industry

Iranian Government Introduces Rescue Package for Auto IndustryIranian Government Introduces Rescue Package for Auto Industry

A plan worked out by the administration of President Hassan Rouhani to mitigate the impact of US sanctions on Iran's economy is to provide the country's beleaguered auto sector with tax exemptions, reduced bureaucracy, and in the event of layoffs, the immediate payment of unemployment benefits. 
The government's rescue package for Iran's industries has in large parts addressed the volatile auto market, putting forward suggestions that can assist the troubled sector, reported local automotive website Asbe Bokhar.
The rescue plan drawn up by the Industries Ministry has provided for the foreign currency necessary for the sector so as to bring raw materials and parts into Iran, the degree of localization vital for the survival of the industry and certain contingency plans in case of the sector's downfall.
 

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