IKCO, Hyundai Sign New Cooperation Agreement
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4 December 10, 2017 ECONOMIC NEWS IKCO, Hyundai Sign New Cooperation Agreement Iran Keen to Invest in TEHRAN (Fars) - Iran Khodro Industrial Martin Burger who was attending in the Energy, Infrastructure Group has signed a new cooperation agree- Early Supplier Involvement (ESI) for IK- KARACHI (News International) - Iran is keen to invest in various ment with Hyundai Powertech as part of ef- CO’s new platform said ”since raising the sectors of Pakistan’s economy to improve relationship between the forts to meet domestic and foreign markets’ standard level of propulsions and taking two countries, Iranian ambassador has said. needs. steps towards hybrid cars manufacturing “Iranian investors are very interested to invest in energy, infra- The two sides signed the agreement for are costly projects, we have decided to be- structure development, education, health and other sectors to ex- designing, developing, producing and sup- gin our work with simple targets.” plore potential in Karachi,” Iranian Ambassador Mehdi Honardoost plying of 400,000 pieces of new automatic He said Mahle Group has great experi- said in a meeting with Governor Sindh Muhammad Zubair. “Multi- six-speed gearboxes for IKCO’s new ve- ence in CNG production and added the national companies couldn’t overlook the Pakistan’s market and we hicles platforms. company has been involved in designing will continue to lend support for the province’s development.” Representing their companies, IKCO’s and producing propulsions for a long time. Zubair said Iran’s investment will strengthen the bilateral econom- CEO, Hashem Yekehzare and Hyundai “We are now working on new platforms ic ties. “Iranian investors should also participate in CPEC (China- Power Powertech’s CEO, Ha Jim kim for Iran Khodro and given the available ca- Pakistan Economic Corridor).” signed the agreement in a ceremony in Teh- pacities, we are sure that the multi-national Meanwhile, Honardoost, in a meeting with the officials of Karachi ran. cooperation will pay off.” Burger also said Chamber of Commerce and Industry (KCCI), said Iran is keen to This is the third agreement of a ten-sided hybrid and automatic cars will have the up- implement Iran-Pakistan (IP) gas pipeline project, sign free trade IKCO’s CEO, Hashem Yekehzare (right) and Hyundai Power Powertech’s CEO, Memorandum of Understanding that IKCO per hand in the auto industry by 2030 and agreement and commence bilateral banking transactions. Ha Jim kim signed the agreement in a ceremony in Tehran. has signed with well-known global car added “so we need to adopt some appropri- “IP gas pipeline project can completely change the face of Paki- makers as well as part makers. The new automatic gearboxes in its future types of And also, a member of Mahle Group’s ate technologies which decrease the use of stan’s economy as the cheaper gas being supplied under this project six-speed gearboxes are set to be boarded hybrid vehicles. board of directors said cooperation between internal combustion propulsions by 2030.” can be used as raw material by industries, which would create a lot on IKCO’s new platforms for new vehicles. Hyundai Power Powertech annually pro- the group and Iran Khodro is expanding The Early Supplier Involvement (ESI) for of job opportunities and it can also be used for cheaper power gen- Iran Khodro signed the agreement with duces 3,700,000 automatic gearboxes. further, adding that one of the main joint IKCO’s new platform was held on Wednes- eration,” he said. the main goal of achieving an appropriate projects between the two sides is to pro- day (October 25) in SAPCO complex with The ambassador advised Pakistani business community to adopt share of domestic and export markets. The IKCO to Produce Fuel duce new three-cylinder propulsions with the presence of leading foreign companies “proactive approach to grab more out of Iranian market.” car manufacturer is also set to use the new Efficient Cars significant fuel efficiency. as well as more than 80 Iranian companies. “Lack of information and know-how about the capabilities of Iran and Pakistan amongst the business communities of the two countries is hindering the trade,” he said. “Trade between Pakistan and Iran South Korea to Invest in rose 31 percent during the last year.” Iran’s Saipa Exported $1.2 Iranian official said both countries have so many commonalities Iran’s Caspian Port and similarities which simply cannot be found between any other Billion in Cars: Official countries of the entire region. He said regional problems like terror- ism, human trafficking and narcotics trafficking should be solved by TEHRAN (Press TV) -Iran’s Saipa sector with no serious efforts to improve the regional countries, “which have common perception, interests Group says it has exported 230,000 vehicles quality despite frequent price hikes. It and concerns.” worth 1.2 billion in recent years as the au- includes levying hefty customs duties on Honardoost said CPEC project is a multi-functional project, which tomaker plans to expand sales with new de- imports in order to protect the domestic can bring peace and prosperity in the region as all countries of this signs and competitive products. auto industry. region will become part of this project. The Tehran-based automaker has most- Iranian automakers see total production President Muffasar Atta Malik at KCCI said Karachi, which is the ly been producing budget cars in recent to hit 1.6 million units in 2017, up from economic hub of Pakistan, offers lucrative and joint venture oppor- years under license from South Korea and 1.35 million last year and 750,000 in 2014 tunities to investors from Iran. France for Iranian and international cus- when the country came under intensified Malik said relations between Pakistan and Iran have improved sig- tomers. sanctions. nificantly, giving a way to further enhance bilateral trade. The company exports vehicles to about Since the lifting of the sanctions in 2016, “Iran’s decision to open commercial bank in Pakistan and the 40 markets, deputy head for exports and the auto sector has drawn perhaps the big- availability of letter of credit facility is important step to enhance international affairs of the group Mohsen gest interest from foreign investors, chief- economic relations,” he added. “Collective efforts are needed from Dastkhosh said. ly the French, who are looking to tap the both sides to improve the existing trade volume between the two TEHRAN (Dispatches) -South Ko- rea’s JJ Consulting Ltd has signed a “Saipa Group’s new plans for design- country’s hunger for new cars. countries.” rea is among the countries which has memorandum of understanding with ing and producing a competitive product France’s Peugeot Citroen and Renault He said negotiations on free trade agreement between Pakistan and take serious steps to enter Iran’s mar- Ports and Maritime Organization will bring about a boost in exports,” IRNA slammed the door on Iran’s face after Eu- Iran are underway as both countries expressed willingness to up- ket following the removal of interna- (PMO) of Mazandaran Province to quoted him as saying. rope intensified sanctions on the Islamic grade preferential trade agreement. tional sanctions on the country. make an investment, worth $500 mil- Saipa began production in Iran in 1968 Republic in 2011. Many experts are now KCCI president said both the countries decided to increase bilat- South Korea ranked fourth among lion for the port’s development. by assembling French automobile manu- advising caution and call for stronger eral trade to five billion dollars from the existing $150 million. Iran’s top trade partners in non-oil Under the MoU, signed by Ju Yeon facturer Citroen’s Dyane which went un- checks and balances in dealing with the “The major bottlenecks in the expansion of Pak-Iran trade are fre- sector during the first seven months of park, the Asian company’s managing der the name of Jyane in the Middle East- French. quent changes in import regime of Iran, high import tariffs applied the current Iranian fiscal year (started director and Mohammad Taghi Anza- ern country. Iran is the Middle East’s largest auto on exportable items from Pakistan, and indirect trade via Dubai March 20, 2017). The mutual trade npour, head of Mazandaran of PMO, Since then, the group has been expand- market with a population of more than 80 which require attention,” he added. (including gas condensates) account- the South Korean company expressed ing and currently includes such subsidiar- million who are estimated to buy more ed to $4,288 million in the period. its interest for investing in the imple- ies as Saipa Diesel, Pars Khodro and Za- than 1 million cars in 2017. South Korean companies also have mentation of the land development myad Co. The automobile industry is seen as signed various contracts with Iranian plan of Noshahr port, in order to carry Iran’s auto industry is the Middle East’s Iran’s biggest non-oil sector, accounting counterparts for joint venture invest- out maritime and port-related activi- largest but it is based on assembling for- for nearly 10% of the country’s gross do- Legal Cellphone Import ment in energy, auto manufacturing, ties based on the plans approved by eign brands. Iranian automakers now mestic product (GDP). Iran Khodro and railway, shipbuilding and maritime the PMO and in compliance with the design, manufacture, and export cars. Saipa companies account for more than Doubles in Iran sectors. regulations of the Islamic Republic. They also manufacture automotive parts 90 percent of the total domestic produc- The latest deal was signed by a The Korean company will apply for and components and sell their products tion in Iran.