MNA– Deputy Minister of Industry, Mine and Trade Mansour Moazzami said that two contracts will be signed between domestic and foreign parts manufacturing companies.

Speaking in the 5th International Automotive Industry Conference, he pointed to the conclusion of 13 contracts between Iranian and foreign parts manufacturers and added, “two important deals will be inked between Iranian and foreign parts manufacturing companies today.”

Iranian President Rouhani issued a directive for renovating and modernizing dilapidated heavy vehicles fleet, he said, adding, “accordingly, it is decided that 202,000 worn-out heavy vehicles will be scrapped out within the three years.”

The deputy minister put the investment needed for the implementation of this giant project at $10 billion, most portion of which will be provided by the Ministry of Oil and banking system network of the country while the rest will be provided by applicants.

Elsewhere in his remarks, Moazzami placed special emphasis on clarifying stocks portion of carmakers in order to win attraction of the private sector and called on responsible officials to focus on investment of parts manufacturers in relevant field for remaining in very tight competition arena.

Moazami put the current production volume of car in the country at about 21 million and said, “according to statistics, Islamic Republic of Iran stands at 14th rank in international arena in terms of car production.”