carmakers rev up for return to iran market
Last Updated : GMT 04:32:38
Arab Today, arab today
Arab Today, arab today

Carmakers rev up for return to Iran market

Arab Today, arab today

Arab Today, arab today Carmakers rev up for return to Iran market

Tehran - AFP

Major carmakers and parts suppliers showed up in Tehran on Saturday to assess the Iranian market's "considerable potential," just one week after Iran's historic nuclear agreement with world powers. The International Conference of the Automotive Industry, the first such event in Iran, has brought together more than 150 companies from around the globe, according to organisers. The key industry has been battered for more than a year by Western sanctions on Iran over its nuclear programme. Industry Minister Mohammad Reza Nematzadeh said he wanted "more cooperation with foreign companies," including French manufacturers Peugeot and Renault, both of which have had a long history of doing business with Iran. Nematzadeh said he hoped for the lifting of sanctions on the car industry "by the end of December." Iran and world powers reached an interim deal last week in Geneva, with Tehran agreeing to partially roll back its nuclear work in exchange for limited sanctions relief, including measures imposed on the car industry. In 2011, Iran had the 11th largest car market in the world and was the 13th automobile producer. Patrick Blain, president of the International Organisation of Motor Vehicle Manufacturers, told AFP of "considerable potential" in the Iranian market. "There is no reason not to come back," he said, adding that Iran could manufacture 1.6 million vehicles in 2014, the same number as it produced in 2011. He highlighted the low car saturation rate of 89 vehicles per 1,000 people, less than China, in a country with a population of nearly 77 million and a yearly per capita GDP of almost $12,500. Clear government support Gilles Normand, director of operations for Renault in the Asia-Pacific market, said the Middle East represented a "future market" for all manufacturers. In Iran, "50 percent of the fleet of over 20 million vehicles is more than 25 years old," said Normand, whose company's activities in Iran have been severely affected by US sanctions. Renault, present since 2004 in Iran, sold more than 100,000 cars in 2012, accounting for 10 percent of the market. Peugeot, which left Iran in spring 2012, sold 458,000 vehicles the previous year in Iran. The French firm has renewed ties with its longstanding partner, Iran Khodro, said a source within Iran's top car manufacturer. "We had good talks," the source told AFP. Sasan Ghorbani, the conference organiser, said government officials "were very clear about their support for foreign investors." "There have been very good meetings here that will lead to future agreements," he told AFP. But for participants, the economic recovery can only materialise if sanctions are eased and curbs lifted on financial transactions as quickly as possible. Normand said he preferred to wait for implementation of the agreement signed in Geneva, expected to come into force in January. "We have a pragmatic policy, we respect international sanctions," he said, while adding that talks with suppliers were underway to resume operations in Iran.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

carmakers rev up for return to iran market carmakers rev up for return to iran market

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

carmakers rev up for return to iran market carmakers rev up for return to iran market

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Airbnb raided by Japan

GMT 01:55 2017 Saturday ,18 November

Airbnb raided by Japan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Ayten Amer happy for “The Flood” success

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:21 2017 Tuesday ,14 November

Nelly Karim focuses on humanitarian roles

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday