Iranian, South Korean auto part makers to boost cooperation

Members of Iran Auto Part Makers Association (IAPMA) met with their South Korean counterparts in Tehran and discussed prospects for expanding cooperation.

South Korean Ambassador Kim Seung-ho, who attended the meeting, stressed the need to build collaboration between Iranian and South Korean auto industries, Tasnim News Agency reported.

However, according to IAPMA Secretary Maziar Beiglou, lack of transparency in the local auto industry has hampered strong collaboration. He said lack of accurate data on the performance of Iranian auto parts makers has made South Korean suppliers reluctant to invest in Iran and work with local ¿rms.

He said the association is committed to address the issue and provide South Korean companies with detailed reports on activities of local part makers.

IAPMA is set to hold a conference on foreign investment in Iran and banking issues.

The Central Bank of Iran and the Organization for Investment, Economic and Technical Assistance also be involved.

South Korean auto companies are present in Iran and carmaker Hyundai has a deal with local ¿rm Kerman Motor under which three models namely Hyundai i10, i20 and Elantra are assembled in the central city of Bam in Kerman Province.

During the eight months to November 21, observing a 268 percent year-on-year growth, 25,675 units of South Korean cars were assembled in Iran.

The vehicles have a threepercent share of the market. will