(Persia Digest) – A member of the ‘Anjoman-e Hamgen Ghet’eh Sazan-e Khodro-e Iran’ auto parts manufacturers association has announced that Iran will be creating auto parts manufacturing sites in certain countries for production and exports, saying: “This will help us counter sanctions on our automotive industry.”
Hamid-Reza Samadi pointed to the negative impact of global sanctions on Iran’s economy, saying: “Some manufacturers in the automotive industry have become self-sufficient in producing parts by using modern technology and internalization to reduce these impacts.”
He added: “We have been able to compete in prices with rivals such as China and export our parts. We have also made new plans for our export destinations where we will be establishing independent auto parts manufacturing sites.
Persia Digest (PD) reports that the automotive and oil industries are the two major sectors targeted by US sanctions. The reinstatement of US sanctions on Iran was followed by the exodus of known car brands from Iran, entailing price turmoil on the market.
Click here for more economic news.