Iran Economy NewsIran Khodro turns to Turkey as Malaysia leaves venture

Iran Khodro turns to Turkey as Malaysia leaves venture

-

Bloomberg: Iran Khodro, the country’s largest carmaker, plans to discuss joint venture plans with Turkey after Malaysia pulled out of a project to build a car focused on Islamic buyers.

By Ladane Nasseri

Oct. 10 (Bloomberg) — Iran Khodro, the country’s largest carmaker, plans to discuss joint venture plans with Turkey after Malaysia pulled out of a project to build a car focused on Islamic buyers.

“An economic and industrial delegation will come within two weeks to Iran to start initial negotiations,” Mir Javad Soleimani, the company’s deputy chief executive officer for quality and product development, said in an interview today. “If we reach an understanding we will begin producing an Islamic car.”

The possibility for cooperation was brought up by Turkey’s industry minister during a recent visit by Iran’s first vice- president, said Soleimani.

The new automobile “will be a brand specifically for Muslim states,” he said. “We will target their markets.” He did not name the Turkish automobile company considering the project and declined to say how much investment was needed as talks are underway.

Iran is part of the Developing Eight (D-8), a group of emerging countries with large Muslim populations that have formed an economic alliance.

The Persian Gulf state initially sought to pursue a similar plan with Proton Holdings Bhd., Malaysia’s state-controlled carmaker.

“Proton pulled out and we are now looking into this with Turkey, which is interested,” Soleimani said, without detailing the reason for the Malaysian company’s decision.

D-8 Members

The D-8 is comprised of Bangladesh, Egypt, Malaysia, Iran, Indonesia, Nigeria, Pakistan and Turkey.

Iran produced 1.39 million cars in 2009 including commercial vehicles, making it the world’s 12th largest carmaker after Canada, Mexico, France and Spain, according to the International Organization of Motor Vehicle Manufacturers. China and Japan are the world’s two largest car manufacturers, the Paris-based organization said on its website.

Iran Khodro, which was founded in 1962, produced about 680,000 vehicles in the last Iranian calendar year that ended on March 20th.

Latest news

Iran’s Regime Claims To Fill Global Energy Gap Despite Crippled Petroleum Sector

In recent weeks, the Iranian regime’s officials have been constantly exaggerating their huge capacity in oil and gas reserves...

What Is Happening in Iran?

Following the brutal killing of Masha Amini, the Iranian people have once again united to fight and defeat the...

Iran Regime’s Ministry of Culture’s Decision To Eliminate Children’s Intellectual Centers

With the so-called ‘Cultural Revolution’ which took place between 1980 and 1983, the Iranian regime tried to purge the...

Water Shortage Crisis and the Destruction of Iran’s Water Resources

Iran is currently suffering from a number of dangerous natural disasters. One of the most worrying is the drying...

Economic Freedom Under the Rule of the Mullahs in Iran

The Fraser institute published its annual report of the index of economic freedom on September 8, which measured the...

Iran’s Regime Continues Its Internet Restriction Project

This is part of the outlook of a document by the Iranian regime’s Supreme Council of Cyberspace, which has...

Must read

U.S. tries to calm Saudi anger over Syria, Iran

Reuters: U.S. Secretary of State John Kerry sought on...

Iran, Gulf foreign ministers meet in Damascus

Reuters: The foreign ministers of Iran, Oman, Qatar and...

You might also likeRELATED
Recommended to you