TEHRAN, Iran — The auto giant PSA Peugeot Citroen has become the first foreign company since the Jan. 16 implementation of the Joint Comprehensive Plan of Action to obtain a license from the Iranian government to invest in Iran Khodro Co. (IKCO), the biggest car manufacturer in the country. Jean-Christophe Quemard, PSA Peugeot Citroen’s executive vice president for Africa and the Middle East, said earlier this month that the next “big step” for the multinational automaker would be the creation of a joint venture this summer, the French business magazine Challenges reported April 6.
PSA Peugeot Citroen, a past IKCO partner, has just resumed deliveries of auto parts, after a four-year hiatus. Its abrupt 2012 pullout from the Iranian market as nuclear-related sanctions against Iran intensified upset Iranian authorities. The move greatly harmed the Iranian automotive industry. IKCO CEO Hashem Yekkeh-Zare said in an interview with the Islamic Consultative Assembly News Agency that to avoid similar such incidents, any foreign company interested in the Iranian market must first make an investment.
