Iran News ...


12/15/05

Tabriz Tractor Manufacturing Company plans expansion abroad

Tabriz, East Azarbaijan Prov, Dec 15, IRNA-The managing director of Tabriz Tractor Manufacturing Company said here Wednesday that the company has plans to expand its operations abroad.

Managing Director Mohsen Khadem Arab-Baqi disclosed that the company plans to put up an assembly line in Tajikistan. "Moreover, we have signed several agreements for establishment of four additional assembly lines in African countries." He said tractor exports are a priority on the company's agenda.

Exports, he added, stood at USD 50 million last year. "We are also exporting 100 tractors to Sudan monthly," he said.

In addition, the Venezuela Tractor Company, 51 percent of which is owned by the Iran Association of Tractor Manufacturers, churns out eight tractors daily, Arab-Baqi stated.

He said the company has plans to increase production to 25 tractors daily in order to meet the growing demand for tractors in Venezuela as well as in other countries in the region.

Venezuela produces about 5,000 tractors annually while demand in regional countries is 20,000 tractors annually, he pointed out.

The Export Guarantee Fund of Iran (EGFI) has issued a USD 3 million insurance coverage for tractor exports to Venezuela.

The coverage guarantees the risk of rejection by Venezuelan banks of Iranian letters of credit which may be due to trade or political reasons.

He said the stress laid on exports is intended to increase employment opportunities for domestic tractor parts makers as well as help lower domestic unemployment.

Meanwhile, the first consignment of tractors jointly produced by Iran and Venezuela called `Ven-Iran' Venezuela were delivered to farmers in a ceremony attended by President Hugo Chavez in Bolivar in December.

Iranian Ambassador to Caracas Ahmad Sobhani and several senior Venezuelan officials and MPs, including its ministers of agriculture, infrastructure, energy and mines and housing, were present in the ceremony.

Some 400 tractors were delivered to farmers in the ceremony with President Chavez giving one of these a test drive for several minutes.

In the ceremony, President Chavez thanked the Iranian people and government for their cooperation with Venezuela and for helping his nation produce quality tractors. He described the cooperation as a successful example of South-South cooperation.

The Venezuelan president expressed hope Venezuela can be an exporter of tractors to neighboring countries in Latin America in the near future.

Former president Mohammad Khatami and President Chavez laid the foundation stone for the Venezuela Tractor Company last March.

The company has produced 400 tractors since its establishment nine months ago.

... Payvand News - 12/15/05 ... --



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