Iran hosts int’l auto parts exhibition

The 9th Auto Parts International Exhibition which kicked off on Tehran’s Permanent International Fairgrounds on Friday closed today, Press TV reports.

The exhibition is known as the largest international market of auto spare parts in the Middle East.

Nearly 800 Iranian and foreign companies have flocked to this year’s fair to share their latest achievements and capacities.

The foreign representatives include 400 companies from 20 countries such as Britain, Germany, Japan, India, South Korea, China and Sweden.

Mercedes Benz, Volkswagen, Renault, Peugeot, Kia and Toyota are among the participating companies.

The event also aims to promote investment opportunities in Iran’s light and heavy vehicles industry and identify new export markets.

Iran’s automotive industry is the second most active industry of the country after oil and gas, accounting for 10% of the country’s Gross Domestic Product (GDP).

The Islamic Republic of Iran currently ranks fifth in the world in terms of car production growth, standing after China, Taiwan, Romania and India.

The 9th Auto Parts International Exhibition kicked off on November 28 and will come to an end on December 1, 2014.