Turkey interested in Iran auto industry

Turkish Minister of Industry and Trade Nihat Ergun says Ankara is keen on working closely with Iran in the automotive industry.

He said on Sunday that Turkish industrialists are eager to cooperate with Iran in the auto sector, Fars News Agency reported, citing a report by Anatolia.

Ergun added that a group of Turkish industrialists are scheduled to visit Iran to discuss cooperation in the auto sector.

Turkey has no independent automotive industry, and only assembles European automobiles.

Iranian automaker Iran Khodro Company (IKCO) CEO Javad Najmeddin said he plans to negotiate with Turkish auto parts and car manufacturers on the joint project and how to finance it.

IKCO produces 800,000 cars in Iran annually, accounting for 65 percent of Iranian auto market. It also exports its cars to 40 countries worldwide and has estimated annual revenue of USD 12 billion.

Ankara has recently announced plans to triple trade with Iran to USD 30 billion in five years.