Iran Khodro to Invest $10 Million in Automobile Production

YEREVAN (Noyan Tapan)–The Iran Khodro automobile company is going to set up production of buses and passenger cars in Armenia. At a press conference–the business’ representatives announced that Iran Khodro intends to install production lines in the premises of the Yerevan integrated plant of domestic chemistry. These production lines will be installed within 2-3 months. The company intends to invest $10 million in this production without any brokerage or guarantee of a bank.

The company is going to present a project of annual production of 500 buses and 1,500 passenger cars at a forthcoming meeting with Armenia-Iran-Greece in Yerevan. There are plans to increase output up to 5,000 vehicles a year in the future. These vehicles are expected to be sold in Greece. If the offer is accepted–the investment will be made very soon. If Greece does not agree to import these vehicles–"Iran Khodro" will try to sell them in the Caucasus.

According to the participants in the press conference–Iran Khodro is the largest enterprise in the Middle East. Only by its output of buses it ran’s first in the world–and also produces trucks and small cars. Besides Iran–the company has subsidiaries in neighboring countries such as Africa–Germany and other countries of Europe. The enterprises employ a total of 300,000 people.

It was also said that Iran Khordo is going to provide Armenia with buses during the celebrations of the 1700th anniversary of the adoption of Christianity as a state religion due next year. The concern will provide a bus to the national football team of Ukraine which will be in Yerevan to meet with their Armenian counterparts as World Cup 2002 qualifiers on October 7.

A week’s exhibition of Iran Khodro vehicles was held in Yerevan’s Republic Square from September 23 to 30.

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