|  | 

Human Services

Renault could come back to Iran in future: official

Tehran, The French automaker Renault could come back to Iran in the future, an Iranian official says, dismissing any new negotiations with the company.

Renault has invested a considerable amount in Iran and is waiting what will happen to the [unilateral US] sanctions, Farshad Moqimi, Deputy for Industrial Affairs at the Ministry of Industry, Mine and Trade said on Friday, adding our analysis is this automaker will come back to Iran in the future.

The official's remark comes after reports that Renault is coming back to the Iranian auto industry after it was forced to suspend its production in the country following the restoration of secondary US sanctions last November.

The French company Renault has invested some one billion dollars in Iran and given the volume of its activities so far, it will certainly get back to Iran after the situation with sanctions becomes clear, Moqimi noted on Thursday night.

He dismissed that Iran has been in talks with the car manufacturer, stressing that our analysis is that Renault will come back to Iran.

The official had earlier said a mechanism has been considered for this french company to restore manufacturing in Iran.

Following the US unilateral walkout form the 2015 international nuclear treaty with Iran, Russia, China, as well as Germany, France and the UK, Renault, like many other foriegn companies that had flooded back to Iran after the deal was signed, were forced to remove their capital from Iran. However, at that time as well, the French carmaker said it would maintain its presence in Iran. 'We will not abandon it, even if we have to downsize very strongly,' Renault CEO Carlos Ghosn said at the annual shareholders' meeting in Paris last September.

Source: Islamic Republic News Agency IRNA

The iran News Gazette is mainly concerned with news and information about the Arab region and also covers international issues. Its main objective is to provide reliable and verified information on the Arab region for publishing on the digital landscape.