Volkswagen will sign an investment deal with an unnamed Iranian private automaker in the coming weeks, a deputy industries, mining and trade minister said.

Mansour Moazzami added that several international automakers have already signed joint ventures and investment deals with Iranian companies, Asre Khodro reported.

�This year, more international automotive contracts will see the light of day,� he said. Moazzami noted that enhancing production quality is the ministry�s main goal. �Hopefully, Iran�s auto industry will observe a 140% growth this year,� he said. In the last Iranian year (ended March 19, 2016), 900,000 cars were produced in Iran, which number is estimated to reach 1,300,000 units this year.

By Financial Tribune