IRNA – The Iranian Minister of Industry, Mine and Trade said that French automakers Peugeot and Renault are yet to announce their official departure from the Iranian market, because of their investments and interests in the country.


Mohammad Shariatmadari said on Saturday at a news conference that although these companies have limited deals with the United States, they may have some fears and concerns about continuing their activities in Iran.

'Nevertheless, their withdrawal from Iran market is not still certain,' Shariatmadari said, referring to French automakers Peugeot and Renault.

In order to establish the Iran Khodro Automobiles Peugeot (IKAP) company, a 50-50 joint venture company between Peugeot and Iran Khodro basedin Tehran, Peugeot has so far invested 300 million dollars and its assets in the country worth 200 million dollars, he said.

So in view of the investments, the company seems to be interested in continuing its cooperation with Iran, the Iranian minister said.

Shariatmadari also stressed that Iran's automotive industries have considered alternatives from amongst automakers in other countries to replace the French companies should they end their engagement with Iran.