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27.08.24 12:26

Economy

Iranian and Russian automobile manufacturers meet to explore cooperation

Iranian automobile spare parts exports to Russia show significant growth

Iranian and Russian automobile and parts manufacturers met at MIMS Automobility Moscow 2024 to discuss ways to strengthen cooperation. The export of Iranian automobile spare parts to Russia has faced a 450 per cent increase in the past years. This is reported by Mehr News Agency, a partner of TV BRICS.

The Iranian delegation, led by Deputy Minister of Industry, Mining, and Trade Farshad Moghimi, and Russian automotive industry representatives exchanged ideas on how to promote trade, including how Iranian parts manufacturers can meet the needs of the Russian market.

Both sides expressed interest in utilising their capabilities to export cars produced in Iran and Russia to other markets.

Iranian auto parts manufacturers have participated in MIMS Automobility Moscow 2024 for the third consecutive year, showcasing their new products.

Iranian auto parts exports to Russia show significant growth from US$13 million in 2022 to more than US$66 million in 2023. Between March and June 2024, exports have doubled compared to the same period last year.

Ebrahim Doustzadeh, a member of the board of directors of the Iranian Specialised Manufacturers of Auto Parts Association (ISMAPA), believes that Iran has great potential for industry development and that the country can become industrialised.

Photo: iStock

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