Reporting "Asre Khodro", After French energy giant Total’s signing of a $5 billion contract to develop phase 11 of Iran’s South Pars offshore gas field, France’s Renault also signed an agreement with Iran’s Negin Khodro and the Industrial Development and Renovation Organization (IDRO), in defiance of US efforts to target Tehran with new sanctions.

Mehdi Pourqazi expressed hope that Renault’s investment in Iran’s automotive industry encourages other world’s biggest carmakers, like Peugeot, Citroen and Volkswagen, to invest in joint ventures in Iran.

Renault’s landmark auto deal in Iran will revolutionize the country’s automotive industry due to the formation of new management and the transfer of knowledge and technology, Pourqazi added.

Touching upon the shortcomings of Iran’s automotive industry, he reiterated that Tehran’s joint venture with a world-famous carmaker company can improve these deficiencies by creating competition.

Source: theiranproject.com