TEHRAN- The policy of domestic manufacturing of auto parts should be seriously followed up, Iranian Industry, Mining and Trade Minister Reza Rahmani said on Sunday.

The minister also stressed that in this due the capable manufacturers should be seriously supported, IRNA reported.

Given that 1.25 million vehicles are anticipated to be manufactured in the country during the current Iranian calendar year (ends on March 19, 2020), the part manufacturers will need 150 trillion rials of working capital (about $3.571 billion) for the purchase of raw materials and other required items.

As previously announced by Industry, Mining and Trade Ministry, Iranian carmakers manufactured 42,623 vehicles during the first Iranian calendar month of Farvardin (March 21-April 20, 2019).

The ministry’s data show that car manufacturing in Iran has fallen 47.2 percent in the first month of this year from 80,794 cars manufactured in the same month of the previous year

MA/MA