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Iranian economist says opposition to foreign investment in Iran only benefits US

Tehran, Aug 15, IRNA -- An Iranian economist says opposition to foreign investment is a move in line with the US objectives at a time when Washington warns other countries of economic cooperation with Tehran.

Speaking on L90 auto project, Bahman Arman said one should admit the reality that the country cannot always produce and market cars using outdated technology.

He said using modern technology especially for presence on global markets would not be possible without joint investment with and cooperation from big auto manufacturing companies.

Calling L90 auto project as a revolution in Iran's auto manufacturing industry, Arman said the L90 contract marked an important event in the history of Iran's auto industry because it would prompt auto parts manufacturers to move towards using modern technology and take actions for modernization of their production lines.

He said Iranian auto parts manufacturers have no other option but to modernize their traditional workshop production and merge together in order to have a strong presence on the global markets.

On impact of L90 project on Iran's capital market, Arman predicted that the project and mass production of L90 cars will give rise to the shares of Iran Khodro Industrial Group.

... Payvand News - 8/15/04 ... --

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