Economy, Domestic Economy

European Brands Forge Partnership in Iran

European Brands Forge Partnership in IranEuropean Brands Forge Partnership in Iran

Italian companies Candy and Zerowatt and Germany’s Bosch have signed joint venture agreements with Iranian companies, the head of Iran’s Household Appliances Association said.

“Washing machines and dishwashers manufactured by Iran’s Pakshoma in cooperation with Candy and Zerowatt will come on the market this year while they are affixed by the Italian brand name and “made in Iran” label,” Mohammad Tahanpour was quoted as saying by the Persian daily Shahrvand.

“Germany’s Bosch and Iran’s Butane Industrial Group have also forged a partnership deal based on which 30% of the products of these two brands will be sold in the local market and 70% will be exported.”

Tahanpour noted that South Korea’s Samsung, the company that dominated Iran’s home appliances’ market during the sanctions year, has transferred its technology to Iran to maintain its firm footing.

“About half of Samsung’s products in Iran are manufactured locally and this has boosted job creation. Since Samsung does not have a factory in the Middle East, Iran can become the region’s hub of home appliances manufacturing,” he said.

According to figures released by the Ministry of Industries, Mining and Trade, domestic production of home appliances had a significant rise in the last Iranian year (March 2016-17).

Over the 11 months to February 18, 2017, 818,900 refrigerators and freezers were manufactured, indicating a 21.7% rise compared with the similar period of the year before.

About 743,800 washing machines were manufactured, showing an increase of 61.5% and the production of evaporative coolers and televisions saw a 5.4% and 9.9% rise over last year’s same period.

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