By John Lee.
The President of Japan’s Suzuki Motor Corporation said on Thursday that it is considering re-entering the Iranian market:
Toshihiro Suzuki told reporters:
“We signed a licensing deal with Iran Khodro Industrial Group for local production in 2005. With the recent easing of sanctions, we’d like to consider restarting our business there.”
Under its agreement with Iran Khodro, Suzuki sent parts for 6,200 cars to Iran in 2011, its peak year of operations in the country.
According to Reuters, Iran is the Middle East’s largest auto market with a population of 80 million buying 1.1 million cars in 2014.
The automobile industry is seen as Iran’s biggest non-oil sector, accounting for nearly 10% of the country’s gross domestic product (GDP). Iran Khodro and Saipa companies account for more than 90 percent of the total domestic production in Iran.
(Sources: Press TV, Reuters)