Iran and Turkey are in talks to set up an automotive joint venture, Eghtesadonline news website quoted an Iranian deputy minister of the industry ministry as saying on Sunday.

The two sides are working on a deal that envisages the joint production of passenger vehicles, Hossein Modarres said.

“As soon as the terms and conditions of the agreement are finalized, the project will be launched,” Modarres said.

“Besides passenger vehicles, the deal also envisages collaboration for manufacturing a number of other industrial products,” he said.

According to the report, Iran is also seeking to establish automotive joint ventures with Russia.

The move is in line with the ministry’s policies on cooperation with regional countries to bolster the industrial sector in general and the domestic auto market in particular.

Following the U.S. sanctions on Iran over the past year, a number of international carmakers have halted their activities in the country. Enditem

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