Jun 1, 2019, 3:21 PM
News Code: 83336763
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Iran to create JV with foreign firms on home appliances

Tehran, June 1, IRNA - Iran’s Audiovisual Appliances Association said that if talks with Samsung fail, Tehran will establish Joint Ventures with other foreign companies to meet the demands of domestic market.

“We are in talks with the South Korean company Samsung and if we reach an agreement, it will keep producing in Iran,” said Alireza Mousavi Majd, head of Iran’s Audiovisual Appliances Association in reference to the recent disruption in production line of South Korean giants Samsung and LG caused after the reimposition of the US unilateral sanctions on Iran.


"If we can’t reach an agreement, we will create Joint Ventures with other foreign companies to produce new brands to meet the internal demand," he added.


LG and Samsung have been affected most after the US sanctions last year that targeted international banking ties, shipping, insurance and many other vital sectors in international business ties.


The official ruled out that after-sales services have also been affected by the sanctions as mentioned in some reports.   


Mousavi Majd, meantime, lauded Iran’s state-of-the-art home appliances factories that have been hugely filling the gap in the market after Washington unilaterally reimposed punitive measures on the country.


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