Iran Proposes Joint Car Manufacturing by Islamic Countries

Iran’s deputy foreign minister plans to raise a proposal at the next meeting of the group of 8 developing Muslim countries (D-8) for the joint manufacture of cars by the D-8 member states. Iranian foreign ministry is due to present the proposal, which was originally raised by managing director of Iran-Khodro Car Manufacturing Co., to the next meeting of D-8 economic committee formed of Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.

The proposal reminds the member states that while such Muslim states as Malaysia, Indonesia and Iran are car manufacturers and Turkey manufactures spare parts, markets of Islamic countries import over 17 mln cars from the developed countries each year.

The proposal calls on D-8 to form a business entity by establishing a multinational enterprise to start the joint manufacture of cars and enjoy the added value of its industrial potentials.

Iran-Khodro’s managing director Manouchehr Manteqi has also proposed in the plan that the Islamic Bank of Development provide for a part of the required credits.