(Persia Digest) – As speculation mounted over the past few weeks on whether Samsung and LG will leave Iran due to US sanctions against this country, an Iranian official has announced that both Korean companies will remain in Iran.

Director General of the Metal Industries and Household Appliances of Iran's Ministry of Industry, Mine and Trade emphasized that Samsung and LG will not be leaving Iran. He added: “Spare parts and raw materials for refrigerators, freezers, and washing machines have already been loaded and are on their way to Iran as we speak.”

Abbas Hashemi stated: “Samsung and LG production lines are currently operational in Iran and neither company is planning to leave our country.”

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Persia Digest (PD) reports that Samsung and LG have production lines in Iran whereby the raw materials of these companies are imported and their products are manufactured in Iran according to international standards. Their products are more popular due to their value for money as compared to other foreign brands on the Iranian market.

Presently, 75 percent of Iran’s household appliances market is taken by ten foreign brands. Based on the latest figures, this market is worth USD 4BN and 180MM. Of this, only USD 2BN and 770MM is made in Iran.

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