Iranian and Italian auto parts manufacturers have proposed barter trade in a bid to exchange raw materials and their produced products in the wake of unilateral US sanctions that have cripplied international banking clearance for Iranian transactions, Mehr New Agency reports.
The proposal was made during meetings between a delegation of Iranian car manufacturers and northern Italian region of Emilia-Romagna authorities and Italian auto parts producers association on the sidelines of the Autopromotec 2019, the international benchmark for the automotive aftermarket industry.
The Iranian delegation, headed by Mohsen Salehi Nia, Deputy Minister of Industry, Mine and Trade (MIMT), is made up of Asqar Mosaheb, Deputy for Small Industries at Iran Small Industries and Industrial Parks Organisation, Amir Hossein Qanati, Director General for Automotive Industries at the Ministry of Industry, Mine and Trade (MIMT) as well as Iran Subcontracting and Partnership Exchange (ISPX).
Autopromotec is the he most specialized international exhibition of automotive equipment and aftermarket products that runs from 22 to 26 May in the Italian city of Bologna.
More than 1,650 companies have chosen this event to showcase their products and services. The share of non-Italian companies is 43%, from as many as 53 different countries, according to the exhibition’s website.
The Iranian car industry has been facing and uphill battle to meet the rising internal demand, however the US sanctions and lack of proper internal organisation have caused huge delays in car deliveries to final customers.