Palestine Economy Portal

A Turkish newspaper revealed that Iran is striving to circumvent US and international sanctions by transferring a large part of its investments to Turkey, especially in the automotive industry.

The sources pointed to the Turkish newspaper that the company "Iran Khodro Company", one of the largest Iranian car companies, moved its work to set up a factory in the province of Van, eastern Turkey.

The CEO of the company, Farshad Muqimi, and his delegation, arrived to Van and met with Wali Wan, the Mayor, and Chairman of the Industrial Zone Mohammed Aslan, along with a number of personalities.

Subsequently, the Iranian investor met with officials of the General Administration of Development Agencies and the Investment Office of the Turkish Presidency.

The 50-hectare plant is expected to be built in the state's industrial zone and is expected to create jobs for 1,000 people in the first phase.

Speaking to the Turkish News Agency, Wali Wan and acting mayor Mehmet Amin Bilmes said they had held many contacts and talks with the Iranian side in the recent period on the investment.

Bilms added that many Iranian companies have moved their factories to other countries because of the sanctions, and that the Turkish province of Wan is the most suitable place for these companies.

Iran faces stifling economic sanctions and the situation has worsened in the country after the United States withdrew from the nuclear deal in May 2018 and reimposed tough economic sanctions on Tehran.

Foreign companies were forced to leave Iran so that they would not be blacklisted in the United States, Washington banned the purchase of Iranian oil, and granted an exemption to some countries at an initial stage.

Turkey clings to its partnership with Iran, especially in light of the deterioration of the relationship between the West and Ankara, which has not spared itself from US sanctions in recent years.

Source: Sky News