Wednesday, June 19, 2024

Iran car industry eyes bigger share from Russian market

The Western sanctions on Russia over the conflict in Ukraine has provided a new opportunity for Iran’s automobile and auto parts industry to gain a firm foothold in its northern neighbor’s markets, an Iranian official says.

The director general of Iran’s Industry, Mining and Trade Ministry’s Automotive Industry, Abdollah Tavakoli Lahijani told IRNA that the Islamic Republic has devised a plan to boost its products and platforms by leaning on domestic knowledge-based companies and overtake the rivals in international markets.

He said Russia’s Automobility Exhibition slated to be held from August 22-25 at the Moscow International Exhibition Center (Crocus Expo) with 600 companies from 18 countries will help Iranian car manufacturers conquer new markets and find a new place in the supply chain.

Lahijani also said Iran, Russian and China have a long-term plan to establish joint platforms for new products.

Both Iran and Russia are under harsh sanctions and say they have come up with strategies to cushion the effects of the punitive measures.

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