News ID: 261341
Published: 0354 GMT November 09, 2019

IDRO pens auto parts deals worth €120m: CEO

IDRO pens auto parts deals worth €120m: CEO

The Industrial Development and Renovation Organization (IDRO) of Iran has signed contracts worth €120 million with domestic auto spare parts producers, said the organization’s managing director.

The main strategy pursued by the Iranian Ministry of Industry, Mine and Trade in the year to March 2020 is to boost and promote domestic production, noted Mohammad-Baqer Aali speaking on the sidelines of the opening ceremony of the 14th Iran International Auto Parts Exhibition (November 9-12, 2019) in Tehran on Saturday, IRNA reported.

He added that by March 2022, $10 billion worth of contracts are expected to be struck with domestic auto parts manufacturers.

Elaborating on the ministry’s plan to expand domestic output, the IDRO chief said the blueprint comprises a number of highly precise subprojects, which in addition to the field of car production, will be implemented in eight other areas of the country’s different industrial sectors.

He expressed optimism that stimulating domestic production of auto spare parts would lead to a fall in their prices.

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