IRNA � The 5th Iran Automotive Industry International Conference (IAIIC) opened in Tehran on Tuesday in a ceremony attended by Minister of Industry, Mines and Business Mohammad Shariatmadari.

The IAIIC has put its spotlight on 'competitive supply chain' and provides the opportunity to assess and analyze the current and future conditions in research, design and production of raw materials, part manufacturing, and logistics technologies.

Several high-ranking Iranian officials are slated to deliver speeches during the conference meeting.

Over 220 foreign guests from Germany, France, South Korea, Japan, China, Taiwan, India, Russia, Turkey, Iraq, Turkmenistan and Italy as well as 560 Iranian experts are attending in the two-day gathering.

With an annual production of more than 1.7 million vehicles, an annual production plan of 3 million vehicles for up to eight years, having a large domestic market and accessing to large regional markets, the high potential for the modernization/replacement of worn passenger and commercial vehicles of the country, Iran�s Automotive industry is now looking for a jump in technology and production. Iran�s automotive industry will be one of the most attractive investment opportunities in the upcoming years.