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Iran, Russia sign automotive deals worth €700mn

mahla — Tue, 13 Feb 2024 20:39:50 +0000

TEHRAN (Iran News) –Iranian and Russian car manufacturing companies have signed 12 cooperation deals worth 700 million euros on the sidelines of an international automobile exhibition in the Russian capital Moscow.

The agreements were signed on the third day of the Automobility Moscow 2022 on Wednesday to establish an auto parts production line and export spare parts.
Iran’s Mega Motor company, a subsidiary of Saipa, will start the partnership with a Russian automobile engine maker.

Iran’s ambassador to Russia Kazem Jalali, who took part in the signing ceremony, said, “If these agreements are implemented, Iran will benefit over 700 million euros in the first step.”

In 2021, Iran’s exports to Russia were about one billion dollars, most of which were agricultural products and foodstuff, but with the new agreements, technological and industrial exports will also be added to the list, the Iranian envoy added.

Iran and Russia, both targeted by harsh US sanctions, say they are devising strategies to form a stronger alliance against Washington’s hostile policies.

Both countries are removing the dollar from their bilateral transactions, as the US uses the hard currency as a political tool for pressure and domination against other countries.

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Iranian, Russian Automotive Firms Sign $700m Worth of MoUs

mahla — Fri, 26 Aug 2022 20:45:42 +0000

TEHRAN (Iran News) –Iranian automotive companies and their counterparts in Russia have signed some $700 million worth of deals to expand their cooperation at a time the two countries are shoring up their defenses against Western sanctions.

Iranian and Russia carmakers and parts manufacturers had signed a total of 12 memoranda of understanding (MoUs) during a ceremony held on the sidelines of MIMS Automobility Moscow 2022, a Russian car show that started earlier this week.

The report said the contracts will focus on key areas of works in the car manufacturing sector, including the production and sales of powder metallurgy parts by Iranian parts makers.

It said Iran’s Mega Motor company, a subsidiary of the second largest car manufacturer Saipa, will start a partnership with a Russian car engine maker as part of the contracts signed during the Russian auto show.

Iran’s ambassador to Moscow Kazem Jalali, who oversaw the signing of the MoUs, said the contracts would enable Iran to increase its exports to Russia from a current annual figure of nearly $1 billion which is mostly focused on agrifood exports.

“Our car parts manufacturers shined during the (Moscow) car show and made the country proud,” he was quoted as saying by the IRNA.

The deals come amid efforts in Iran and Russia to expand the industrial cooperation between the two countries as they seek to offset the impacts of American sanctions on their economies.

The push for closer economic and trade ties between Iran and Russia intensified in February when Moscow came under a raft of Western sanctions because of its military involvement in Ukraine.

Dozens of companies from Iran’s automotive sector have participated in Russia’s main car show, a sign the country is serious about its plans to capture a major share of the Russian car market.

Iran had the largest presence at the MIMS Automobility Moscow 2022, an event being held from August 22 to 25.

The report said some 50 Iranian companies were showcasing their parts and equipment in an area of 1,700 square meters in Moscow’s Expo Center.

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Tehran to host intl. automotive conference in mid-Feb.

reporter 1222 — Tue, 30 Jan 2018 10:45:49 +0000

TEHRAN- The 5th Iran Automotive Industry International Conference (IAIIC) will be held in Milad Tower of Tehran on February 13 and 14, ISNA reported on Monday.

As reported, representatives from the world’s renowned carmakers including Peugeot, Renault, Nissan, Mercedes Benz, Volkswagen, Hyundai, Volvo and Scania will participate in the conference.

Chinese carmakers including Brilliance Auto and Changan Automobile will also attend the event.

Meanwhile, the auto part associations chairmen of Germany, France and Turkey are going to participate in the conference.

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