With sanctions being lifted, Iran, which has the largest automotive industry among the Middle East countries, is likely to emerge as a hot spot for foreign investments in a variety of sectors including Automobiles, Tyres and Auto Components. However, the re-emergence of Iran as an integral part of the world economy is likely to take time as the country has to prove its credibility as an investment-friendly nation
There is good news that Iran and the West are coming closer. The lifting of sanctions against the country is likely to be a welcome break and is indicative of Iran rejoining the world economy once again. The sanctions which have been imposed are being eased a little but with the promise of more relaxation to come if negotiations proceed as hoped. There will be a long and arduous negotiation process, but it could lead to a more comprehensive agreement and a gradual welcoming back of the Iranian companies to the world economy.
Iran has the largest automotive industry among the Middle East countries. In Iran, the automobile industry is also the second largest sector after oil and gas. Being surrounded by about 20 developing countries, Iran provides ample opportunities to various major domestic automotive manufacturers such as Khodro and Sapia to access neighboring markets that offer a potential customer base of over 300 million. These players, apart from catering to the domestic automobile demand, also export automobiles to neighboring countries such as Kazakhstan, Venezuela, Turkmenistan, Ukraine, etc.
How important is Iran?
These manufacturers, along with their own car models, have secured licenses from global automotive players for the manufacturing of different car models. In 2011, Iran was ranked the 11th in terms of global automobile production. However, due to sanctions imposed on the country by the US and the EU, the country’s position slipped to the 18th in 2012. The sanctions affected the economy of Iran as the automobile production and sales volume registered a double digit negative year-on-year growth in 2012. However, by the end of 2013, the sanctions on Iran were partialy removed. This is expected to significantly boost the automotive and tyre industry of the country over the next five years.
Iran’s tyre market
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