By Abdul Kerimkhanov
The Iranian automobile industry was the fastest growing branch of the Iranian economy. It ensured the inflow of financial revenues through the export of cars and attracted foreign investment.
Until 2012, Iran was the number one automaker in the Middle East, ranking 12th in the world. The country annually exported about $ 1 billion of cars.
However, after the imposition of sanctions by the United States and the EU, car production in Iran has dropped quite sharply.
Deputy Minister of Industry, Mines and Trade of Iran, Farhad Mokimi, said that Renault had invested $ 1 billion in Iran on March 14, reports Tasnim News.
Iranian Deputy Minister of Industry, Mines and Trade said that the French automaker Renault SA would return to Iran after it ceased cooperation with Iranian companies under U.S. sanctions.
"After the negotiations and consultations, as well as taking into account the volume of investments that Renault has invested in Iran, we announce that this company will return to Iran again," he added.
The Deputy Minister also noted that a mechanism had been developed that would allow the resumption of Renault car production in Iran.
In July 2018, Renault suspended its operations in Iran to comply with U.S. sanctions against Tehran.
In 2017, Renault signed an agreement with the Iranian Industrial Development and Reconstruction Organization and the local dealer "Parto Negin Naseh Co." to increase its Iranian production by 75 percent.
The company said that it had not yet begun the production of vehicles and had not invested in this transaction, but it has been producing cars there with two other partners since 2003.
The history of Renault in Iran comes back to many years ago. The first car of Renault imported to Iran in 1918.
However, the presence of Renault as car manufacturer has a new history in Iran. In 2002, Renault came to Iran based on a mutual contract with the Industrial Development and Renovation Organization (IDRO) in order to be a strategic partner in the car industry of Iran.
Quality has always been an obvious and non-negotiable principle in Renault products. Therefore, produced cars are always in top of quality among the competitors in Iran.
Subject to the last report of Iran Standard and Quality Inception, Renault SANDERO & Renault TONDAR 90 have four quality stars which are benefiting the best quality in their price range.
Then, Renault TONDAR PICKUP has three stars which has been known the best quality in this class and among its competitors in Iran.
Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94
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