IRAN HAS SIGNED A CAR DEAL WORTH HUNDREDS OF MILLIONS OF DOLLARS WITH FRENCH MULTINATIONAL AUTOMOBILE MANUFACTURER GROUPE RENAULT.

On Monday, August 7, 2017, Iran signed it’s biggest ever car contract with French multinational automobile manufacturer Groupe Renault to produce 150,000 cars a year. The car deal which worth hundreds of millions of dollars would create not less 3,000 jobs for the two Iranian companies involved in the deal which are the Industrial Development and Renovation Organization of Iran (IDRO) and the privately-owned Negin Group (which imports Renault products to Iran). In 2015, the United Nations and European Union sanctions to Iran were lifted following the nuclear agreement with the world powers to curb Iran’s controversial uranium enrichment program. About 30 car manufacturers are in Iran, most of these car manufacturers assemble Chinese and Korean cars in Iran.