Financial Tribune - In line with efforts to deepen the localization of auto parts production, 175 projects have been launched by Iran’s major carmaker Iran Khodro (IKCO), the company’s CEO said.

Farshad Moqimi said the projects are expected to slash demand for auto parts imports and curb capital flight by €246 million, the automaker’s website Ikcopress.ir reported.

To accelerate the projects, IKCO entered into an agreement with Iran’s Tejarat Bank during a Thursday event to support small- and medium-sized domestic auto parts producers.

The projects include the production of a large number of key parts for passenger and commercial vehicles, and would hopefully supply IKCO auto production lines.