News ID: 173812
Published: 0730 GMT December 14, 2016

Russian carmakers eye Iran’s market

Russian carmakers eye Iran’s market

Three major Russian car manufacturers are exploring possibilities to gain a foothold in Iran’s market following the removal of anti-Tehran sanctions, Russia’s Deputy Industry and Trade Minister Georgy Kalamanov said.

"Kamaz, GAZ and Sollers are interested in the Iranian market, they’re now exploring the possibilities. The Iranian partners are negotiating not only supplies, but also potentially the local manufacturing content in Iran. This concerns not only cars, it concerns everything – vehicle devices, other areas," Kalamanov told TASS news agency.

He added that the contracts are expected to be signed in 2017.

Russian Energy Minister Alexander Novak has called Tehran as Moscow’s "most important economic and trade partner," saying the two countries have devised a package of projects worth $35 billion to $40 billion.    

Iran and Russia have ramped up efforts in recent months to boost bilateral trade after implementation of the Joint Comprehensive Plan of Action (JCPOA), the July 2015 nuclear deal between Iran and the P5+1 (Russia, China, the US, Britain, France and Germany).

The JCPOA, which took effect on January 16, 2016 terminated all nuclear-related sanctions imposed on the Islamic Republic.

   
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