Economy, Domestic Economy

Household Appliance Market to Thrive

Household Appliance Market to ThriveHousehold Appliance Market to Thrive

The recession experienced in recent months in the household appliance market is to be followed by an economic rebound during the second half of the upcoming Iranian year (to start March 20), said Mohammad Tahanpour, president of the Union of Household Appliances. “We predict a bright future for the business in the post-sanctions era for not only foreign producers but also investors entering the market. Therefore, we advise domestic producers to enter into partnership with international companies alongside the production of their own brands to help create more jobs,” he said. In the current year, most factories producing household appliances worked at 40% of their capacity, ISNA reported.  Tahanpour listed Tehran, Isfahan, Mashhad and Tabriz as production hubs in the sector. Western sanctions against Iran were lifted on Jan. 16, after the UN nuclear agency IAEA confirmed that the Islamic Republic had limited the scope of its nuclear program. Subsequently, foreign companies have shown high interest in entering Iranian markets.