cross-border transactions India UAE

India, UAE Sign MoUs To Promote Use Of Local Currencies For Cross-Border Transactions

Reserve Bank of India and Central Bank of the United Arab Emirates (UAE) on Saturday signed two MoUs  for the use of local currencies for cross-border transactions and cooperation for interlinking their payment and messaging systems.

Two Memorandum of Understandings (MoUs) were exchanged in the presence of Prime Minister Narendra Modi and UAE President Mohammed bin Zayed al Nahyan in Abu Dhabi.
The agreements aimed at facilitating seamless cross border transactions and payments, and fostering greater economic cooperation between India and United Arab Emirates (UAE).

“The Reserve Bank of India (RBI) and the Central Bank of UAE (CBUAE) signed two MoUs for establishing a framework to promote the use of local currencies- the Indian rupee (INR) and the UAE Dirham (AED) for cross-border transactions; and cooperation for interlinking their payment and messaging systems,” RBI official release said.

Prime Minister Narendra Modi said, “This is a very important aspect of India-UAE cooperation. It paves the way for enhanced economic collaboration and will make international financial interactions simpler.”

The MoUs were signed by the Governor of the Reserve Bank of India, Shaktikanta Das and the Governor of the Central Bank of UAE, Khaled Mohamed Balama.

The MoUs were exchanged between the two Governors, in the august presence of the Prime Minister of India, Narendra Modi and Sheikh Mohamed Bin Zayed Al Nahyan, President of the UAE.

“The MoU on establishing a framework for the use of local currencies for transactions between India and UAE, aims to put in place a Local Currency Settlement System (LCSS) to promote the use of INR and AED bilaterally,” it said.

The MoU also covers all current account transactions and permitted capital account transactions. Creation of the LCSS would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn would enable the development of an INR-AED foreign exchange market.

“This arrangement would also promote investments and remittances between the two countries. Use of local currencies would optimise transaction costs and settlement time for transactions, including for remittances from Indians residing in UAE,” the release added.

Under the MOU on ‘Payments and Messaging Systems’, the two central banks agreed to cooperate on linking their Fast Payment Systems (FPSs) – Unified Payments Interface (UPI) of India with Instant Payment Platform (IPP) of UAE; linking the respective Card Switches (RuPay switch and UAESWITCH); and exploring the linking of payments messaging systems i.e., Structured Financial Messaging System (SFMS) of India with the messaging system in the UAE.

The UPI-IPP linkage will enable the users in either country to make fast, convenient, safe, and cost-effective cross-border funds transfers. The linking of Card Switches will facilitate the mutual acceptance of domestic cards and processing of card transactions. The linkage of messaging systems is aimed to facilitate bilateral financial messaging between the two countries. (ANI)

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Jintendra on Chandrayaan 3

Chandrayaan 3 To Explore Human Habitat On Moon: Union Minister Jitendra

Union Minister of State for Science and Technology Jitendra Singh on Saturday that India’s lunar mission Chandrayaan 3 will explore the possibilities of human habitat on the moon.

Jitendra Singh
The Union Minister said Chandrayaan has placed India as the leading global player as far as space technology is concerned.

“The outcomes are going to be at multiple levels to the benefit of India. It has placed India as the leading global player regarding space technology and the space sector,” Jitendra Singh said.

Chandrayaan-3 was successfully launched on GSLV Mark 3 (LVM 3) heavy-lift launch vehicle from the Satish Dhawan Space Centre in Andhra Pradesh’s Sriharikota as per the scheduled launch time on Friday.

The journey from Earth to the moon for the spacecraft is estimated to take about a month, and the landing is expected on August 23. Upon landing, it will operate for one lunar day, which is approximately 14 Earth days. One day on the Moon is equal to 14 days on Earth.

Chandrayaan-3, India’s third lunar exploration mission, will make India the fourth country after the US, China, and Russia, to land its spacecraft on the surface of the moon and demonstrate the country’s abilities for safe and soft landing on the lunar surface.

Chandrayaan-3 is the ISRO’s follow-up attempt after the Chandrayaan-2 mission faced challenges during its soft landing on the lunar surface in 2019 and was eventually deemed to have failed its core mission objectives.

Chandrayaan-3 will be inserted into the Lunar Transfer Trajectory after the orbit-raising manoeuvres. Covering a distance of over 300,000 km, it will reach the Moon in the coming weeks. Scientific instruments will study the Moon’s surface and enhance our knowledge.

Chandrayaan-3 is equipped with a lander, a rover, and a propulsion module. It weighs around 3,900 kilograms. (ANI)

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Indian Rice Export

Modi Meets COP28 Prez-Designate Sultan Al Jaber In UAE

Prime Minister Narendra Modi, who is on an official visit to the United Arab Emirates (UAE), met the President-designate of COP28, Sultan bin Ahmed Al Jaber, on Saturday assuring India’s full support for COP-28 presidency to the Gulf nation.

Prime Minister Modi, who arrived in Abu Dhabi earlier on Saturday, also highlighted India’s efforts and initiatives to address climate change during talks with Sultan Al Jaber.
Taking to Twitter, the official spokesperson for the Ministry of External Affairs, Arindam Bagchi, informed of the meeting between the two leaders.

“PM @narendramodi held a productive meeting with Dr. Sultan Al Jaber, President-designate of @COP28_UAE and Group CEO of Abu Dhabi National Oil Company. Dr. Jaber briefed PM on the forthcoming COP-28,” Bagchi tweeted.

“PM assured ‘s full support for ’s COP-28 presidency. PM also highlighted ’s efforts and initiatives to address climate change,” he added.

Earlier, on Saturday, PM Modi also met the Crown Prince of Abu Dhabi Sheikh Khaled bin Mohammed bin Zayed Al Nahyan.

PM Modi received a dazzling welcome in UAE as the iconic Burj Khalifa was lit up in the colours of the Indian national flag. As a part of the light-and-sound show the skyscraper also showcased PM Modi’s picture, followed by “Welcome Honorable Prime Minister Narendra Modi”

The Prime Minister emplaned for the UAE earlier on Saturday after concluding his two-day visit to France.

PM Modi called his France visit “memorable”, adding that it was more remarkable as he participated in the Bastille Day celebrations. He also expressed gratitude to French President Emmanuel Macron and the people of France for their warmth and hospitality.

During his two-day visit to France, PM Modi participated in the Bastille Day celebrations as the Guest of Honour, on Friday.

He visited France at the invitation of French President Emmanuel Macron. (ANI)

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Modi meet with Abu dhabi crown prince

Modi Meets Abu Dhabi Crown Prince In UAE

Kickstarting the final leg of his two-nation visit on Saturday, Prime Minister Narendra Modi met the Crown Prince of Abu Dhabi, Sheikh Khaled bin Mohammed bin Zayed Al Nahyan, in the United Arab Emirates (UAE).

Upon his arrival in Abu Dhabi, PM Modi was welcomed by Sheikh Khaled Bin Mohamed Bin Zayed, Crown Prince of Abu Dhabi at the airport.

Expressing his gratitude over warm welcome to the Gulf nation, PM Modi took to Twitter to post, “Grateful to Crown Prince HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan for welcoming me at the airport today.”

On his arrival at the Abu Dhabi airport, PM Modi received a ceremonial welcome.

“Furthering – partnership! PM @narendramodi arrives in Abu Dhabi to a ceremonial welcome. Warmly received by Crown Prince of Abu Dhabi, HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan at the airport,” the official spokesperson of the Ministry of External Affairs, Arindam Bagchi, tweeted.

During his visit, the Prime Minister will meet with UAE President Sheikh Mohamed bin Zayed Al Nahyan on critical bilateral issues.

The PM emplaned for the UAE earlier on Saturday after concluding his two-day visit to France.

PM Modi called his France visit “memorable”, adding that it was more remarkable as he participated in the Bastille Day celebrations. He also expressed gratitude to French President Emmanuel Macron and the people of France for their warmth and hospitality.

PM Modi, who was on a two-day official visit to France, participated in the Bastille Day celebrations as the Guest of Honour, on Friday. He visited France at the invitation of French President Emmanuel Macron.

“To mark the 25th anniversary of the India-France Strategic Partnership, a 241-member tri-service Indian armed forces contingent led by a military band also participated in the Parade,” the PMO said in a statement.

Just hours before Prime Minister Narendra Modi landed in Abu Dhabi, the United Arab Emirates (UAE) said that its economic partnership with India “is a significant milestone in the history of both nations”.

The UAE’s Minister of State for Foreign Trade, Dr Thani bin Ahmed Al Zeyoudi, said in an interview that the UAE-India non-oil trade is expected to reach USD 100 billion a year by 2030.

Thani bin Ahmed Al Zeyoudi noted that UAE-India Comprehensive Economic Partnership Agreement (CEPA) was designed to deliver a new era of growth and opportunity.

CEPA is an agreement signed between India and UAE on February 18, 2022, and came into force on May 1, 2022. The agreement was signed between Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan.

Speaking about the success of the CEPA between India and the UAE, Dr Thani Al Zeyoudi said, “There is little question that the UAE-India Comprehensive Economic Partnership Agreement will come to be regarded as a significant milestone in the history of both nations.”

“By removing or reducing tariffs on 80 per cent of goods, eliminating unnecessary barriers to trade, creating new platforms for investment, and opening government procurement to each other’s private sector, the UAE-India CEPA was designed to deliver a new era of growth and opportunity – and, ultimately, boost bilateral non-oil trade beyond USD 100 billion by 2030,” he added. (ANI)

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Modi with thought leaders in paris

Modi Meets Thought Leaders, Prominent Business People In Paris

Prime Minister Narendra Modi met thought leaders and some prominent business people during the second day of his visit to France.

The Prime Minister met prominent aerospace engineer and pilot Thomas Pesquet and Chanel CEO Leena Nair. He also met Charlotte Chopin, a yoga practitioner who will turn 100 soon.
PM Modi said Charlotte Chopin’s passion towards Yoga and fitness has only increased over the years.

“In Paris, I had the opportunity to meet the remarkable Charlotte Chopin. She began practising Yoga at the age of 50. She’s going to turn hundred soon but her passion towards Yoga and fitness has only increased over the years,” PM Modi said in a tweet.

PM Modi said he and Pesquet exchanged views on a wide range of subjects.

“When it comes to motivating youngsters towards science and space, Thomas Pesquet’s name figures prominently. It was a delight to meet him and exchange views on a wide range of subjects. His energy and insights are very valuable,” he said in a tweet.

Referring to his meeting with Leena Nair,  PM Modi said they talked about ways to further boost skill development and make Khadi more popular.

“It’s always a delight to meet a person of Indian origin who has made a mark at the world stage. We had a great conversation about ways to further boost skill development among artisans and to make Khadi more popular,” he said.

PM Modi attended the lunch hosted by President of France’s National Assembly Yaël Braun-Pivet in Paris.

Earlier in the day, PM Modi attended the Bastille Day Parade on France’s National Day as the guest of honour at the invitation of President Emmanuel Macron.

The majestic parade, which had participation from contingents from Indian armed forces,    took place under bright and sunny skies at Champs-Élysées in Paris.

This year also marks the 25th anniversary of the strategic partnership between the two countries. (ANI)

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Macron gifts to modi at dinner

Here’s The List Of Gifts Modi Received From Prez Macron

Prime Minister Narendra Modi, who is on an official visit to France, was presented with several gifts — with historical and cultural linkages — by French President Emmanuel Macron during a private dinner on Thursday.

Here’s the list of gifts presented to PM Modi:

1.
A framed facsimile of the photograph “A Parisian presenting flowers to a Sikh”, July 14, 1916

PM Modi was presented with the photo which pays tribute to the Indian soldiers who fought in Europe alongside France during World War-I (1914-1918). It also evokes India and France’s long-standing shared battle to defend universal values. Notably, several Indian battalions are partaking in the Bastille Day parade today.

The photo depicts a passer-by giving flowers to a Sikh officer from the Indian Expeditionary Force (IEF) deployed in France. At the time this snapshot was taken, the Battle of the Somme, in which the IEF were fighting, had already begun.

This photo was taken on the Champs-Elysees during the military parade of July 14, 1916, by a photo reporter from the Meurisse news agency. The original copy of the photo is still located at the National Library of France.

In World War I, some 1.3 million Indians volunteered to fight for Britain, including 877,000 combatants.  Over 70,000 of them lost their lives, including about 9,000 in France and Belgium. Most of these combatants were from “warrior peoples” in the north of the Indian subcontinent, like the Sikh soldiers marching on the Champs-Elysees.

2.
Reproduction of the Charlemagne chessmen (11th century)

PM Modi was also presented with the reproduced version of ‘Charlemagne’ chessmen, which represents Indian origins of the game of chess and the long history of trade between India and Europe.

This unique item represents both the long history of trade between India and Europe, with the elephant piece recalling the Indian origins of the game of chess, and the expertise of French companies in terms of innovation and new technologies.

‘Chaturanga’, the common ancestor of European and Chinese chess, appeared in India from the 7th century CE.

Notably, Prime Minister Modi is himself a chess enthusiast. During his term as Chief Minister of Gujarat, he attended the world record event for the most games of chess played simultaneously in one location, in Ahmedabad in December 2010.

The “Charlemagne” chessmen are stored at the Cabinet des Medailles at the National Library of France, and were formerly at the Treasury of the Basilica of Saint-Denis. They take their name from the legend stating that they were given as a gift to the Frankish Emperor by the Abbasid Caliph Harun al-Rashid.

Actually, they were made at the end of the 11th century, probably in Southern Italy, given the equipment used by the characters and the presence of elephants as bishops.

3.
Marcel Proust, Le temps retrouve (Time Regained), Pleiade and English edition of A la recherche du temps perdu (In Search of Lost Time)

Prime Minister Modi was also presented with some famous and historic works of French literature.

A la recherche du temps perdu (In Search of Lost Time) is a series of novels by Marcel Proust (1871-1922) published between 1913 and 1927 and recognized as one of the most important works of French literature of the early 20th century.

Le temps retrouve (Time Regained) is its seventh and final volume, which was published posthumously.

The Bibliotheque de la Pleiade collection represents academic excellence and the most outstanding contributions of French authors to world culture. As Prime Minister Modi does not speak French, this edition comes with its English translation.

This volume IV of A la recherche du temps perdu from the Bibliotheque de la Pleiade includes the final two volumes of the original work, Albertine disparue (The Fugitive) and Le temps retrouvé (Time Regained), a number of drafts and outlines by the author and much academic commentary. It was published in 1989.

The English edition, Everyman’s Library, also includes the final two volumes of A la recherché du temps perdu. The translation is by CK Scott Moncrieff (1889-1930), a contemporary of Proust and the original translator of Proust into English, as revised by Terence Kilmartin (1922-1991). This version is considered to be one of the best English translations of Proust.

Meanwhile, during the private dinner, Prime Minister Modi was also presented with ‘Grand Cross of the Legion of Honour’, the highest French honour in military or civilian orders.

With this, PM Modi became the first Indian PM to receive this honour. This award comes in recognition of the Prime Minister’s role in the excellent relationship of friendship and trust between France and India.

PM Modi arrived in Paris on Thursday to a ceremonial welcome. He was recieved by his France counterpart Elisabeth Borne and later addressed the Indian diaspora in the France capital.

He will also join French President Emmanuel Macron for the French National Day celebration today in Paris as the Guest of Honour.

An Indian tri-services contingent will be part of the Bastille Day Parade, while three Rafale fighter jets of the Indian Air Force as part of the military contingent, are also set to participate in the Bastille Day flypast over the Champs Elysees, Paris.

Indian Army’s Punjab Regiment, Indian Navy and Indian Air Force have all started gearing up for the parade.

Indian Navy officer Ranveer told ANI, “The contingent is full of enthusiasm. You will be able to see during the parade that what preparations we did. We have been preparing for the last one month. Today is the final day…We are very proud that PM is here and our contingent is participating here”.

Indian Navy Lt Commander Disha said, “We are all in full ‘josh’. The entire contingent is ready to give our best and represent India on a foreign land. It is a matter of pride for us to march past the PM”. (ANI)

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Punjab Regiment for bastille day

Will Parade At Our Ancestors Did: Punj Regiment Gears Up For Bastille Day Parade

An Indian tri-services contingent, led by the Punjab Regiment of the Indian Army, gathered at the Champs-Elysees Avenue on Friday, ahead of the annual Bastille Day military parade in Paris, France.

Preparations are underway for the Bastille Day Parade, which commemorates the anniversary of the storming of the Bastille prison, an ancient royal fortress in 1789 during the French Revolution.
Meanwhile, security has also been beefed up.

French security forces are seen checking the cars and buses ahead of the parade.

Earlier, on Wednesday, French Interior Minister Gerald Darmanin announced the adoption of an exceptional security plan for the French national holiday, which will be placed under heavy police surveillance due to a “particular environment (…) of violence,” Le Monde reported.

No fewer than 130,000 members of law enforcement will be mobilised across the country on Thursday and Friday, “including 45,000 each evening, equipped and organized (…) for urban violence”, the minister said.

The Punjab Regiment will be led by Captain Aman Jagtap. The Indian Navy contingent is being led by Commander Vrat Baghel while the Indian Air Force contingent is by Squadron Leader Sindhu Reddy.

Expressing his happiness over being part of the Bastille Day parade, Captain Aman Jagtap, 23rd Battalion, Punjab Regiment, Longewala, who will command the Indian contingent at the Bastille Day Parade, said, “It is a proud and historic moment. After 107 years, we will parade at the same place where the ancestors of my Regiment did. For my troop and me, it is a matter of pride for me…It is not every day that someone gets to parade before one’s PM in a foreign land. It is a huge and rare opportunity for us.”

This year the Bastille Day Parade will have about 6,300 soldiers in various marching contingents. This includes a tri-services contingent of the Indian Army, Navy and Air Force. The Punjab Regiment participated in both World Wars, having been awarded 18 Battle and Theatre Honours in the first war.

Meanwhile, Subedar Satinder Pal Singh from the Punjab Regiment, said, “The troops are full of vigour. We are ready to march. Our ‘josh’ and morale is high. Our ancestors sacrificed themselves for this land. Now we are here.”

Indian Navy’s contingent is also set to participate in the Bastille Day Parade.

Ranveer, an officer of the Indian Navy, told ANI, “Our contingent is brimming with anticipation and enthusiasm. From the parade, you will get a sense of the preparations that went into it. We have been preparing (for the parade) for the last one month. However, all stage rehearsals are over and we are all set for the march today. We are very proud that the PM is here and that our contingent is taking part in the Bastille Day Parade.”

Earlier, the Ministry of Defence, in a press release, stated, “The Indian Army contingent comprising of 77 marching personnel and 38 members of the Band is being led by Captain Aman Jagtap. Indian Navy contingent is being led by Commander Vrat Baghel and the Indian Air Force contingent is by Squadron Leader Sindhu Reddy. The Rafale fighter jets of the Indian Air Force will also form part of the flypast during the parade.”

It added, “The Army contingent is being represented by the Punjab Regiment which is one of the oldest Regiments of the Indian Army. The troops of the Regiment have participated in both the World Wars as well as the post-independence operations.” (ANI)

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Modi Paris Welcome by macron

Paris Mein Hardik Swagat: Macron Welcomes Modi

Ahead of the French National Day celebrations, President Emmanuel Macron on Friday extended a warm welcome to Prime Minister Narendra Modi, who will be the Guest of Honour at the Bastille Day Parade.

“India and France are celebrating 25 years of strategic partnership made of trust and friendship, which are only getting stronger with time. Dear @NarendraModi, welcome to Paris.” Macron tweeted.
He later tweeted the same message in Hindi, saying, “Bharat aur France 25 saal ki Ranneetik saajhedaari tatha vishwas aur dosti ke sadaiv majboot bandhan ka jashn mana rahe hain. Priya Narendra Modi, Paris mein hardik swagat.”

PM Modi arrived in Paris on Thursday to a ceremonial welcome. He was recieved by his France counterpart Elisabeth Borne and later addressed the Indian diaspora in the France capital.

An Indian tri-services contingent will be part of the Bastille Day Parade, while three Rafale fighter jets of the Indian Air Force as part of the military contingent, are also set to participate in the Bastille Day flypast over the Champs Elysees, Paris.

The Bastille Day Parade is the highlight of celebrations of the day that marks the anniversary of the storming of the Bastille prison, an ancient royal fortress in 1789 during the French Revolution.

This year the Bastille Day Parade will have about 6,300 soldiers in various marching contingents. This includes a tri-services contingent of the Indian Army, Navy and Air Force. The Indian Army is being represented by the Punjab Regiment. The troops of the Regiment have participated in both World Wars, having been awarded 18 Battle and Theatre Honours in the first war.

The Punjab Regiment participated in an offensive near Neuve Chapelle in France in September 1915 during World War One. The regiment also won 16 Battle Honours and 14 Theatre Honours in the Second World War.

Earlier, PM Modi also thanked French President Emmanuel Macron and France’s First Lady Brigitte Macron for hosting him at the Elysee Palace.

Taking to his official Twitter handle, PM Modi stated, “I thank President @EmmanuelMacron and Mrs. Macron for hosting me at the Élysée Palace this evening.”

On his arrival at Elysee Palace, Prime Minister Modi was welcomed by French President and First Lady.

During the private dinner, Emmanuel Macron bestowed the Grand Cross of the Legion of Honour on Prime Minister Narendra Modi on Thursday (local time). It is the highest French honour in military or civilian orders. With this, PM Modi becomes the first Indian PM to receive this honour.

Prior to arriving for the dinner at Elysee Palace, PM Modi interacted with the Indian community in Paris, where he highlighted the multifaceted linkages between India and France. He spoke about India’s development in various sectors and invited diaspora members to invest in India.

PM Modi also held a meeting with his French counterpart Elisabeth Borne, with the discussions on furthering cooperation in various areas, including economy, trade, energy, environment, education, mobility, digital public infrastructure and people-to-people ties.

He also met French Senate President Gerard Larcher on Thursday at the Senate building, Palais du Luxembourg in the 6th arrondissement of Paris.

The two-day official visit is special because this year also marks the 25th anniversary of the strategic partnership between the two countries.

PM Modi’s visit is expected to herald the next phase in the India-France Strategic Partnership by setting new and ambitious goals for our strategic, cultural, scientific, academic, and economic cooperation, including in a wide range of industries, the official statement read. (ANI)

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Modi Holds Delegation-Level Talks With French PM Borne

Prime Minister Narendra Modi on Monday held delegation-level talks with French Prime Minister Elisabeth Borne in Paris.

The Prime Minister, who arrived in Paris earlier in the day on a two-day official visit, was accorded a ceremonial welcome at the airport.
He was welcomed by French Prime Minister Élisabeth Borne at the airport.

PM Modi was also given a rousing welcome by members of the Indian diaspora in Paris.

He also met President of the French Senate Gerard Larcher at the Senate building.

PM Modi will join French President Emmanuel Macron for the French National Day in Paris as the Guest of Honour on April 14.

An Indian tri-services contingent will be part of the Bastille Day Parade, while Indian Air Force aircraft will perform a fly-past on the occasion.

PM Modi’s France visit coincides with the 25th anniversary of the “strategic partnership” between the two countries. (ANI)

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India automobile industry

Iran Aims To Expand Its Automobile Sale Internationally, Indian Market On Cards

Iran Khodro Industrial Group (IKCO), Iran’s largest automobile manufacturer, is aiming for expansion of its automotive business to additional nations despite the US sanctions, following its successful car exports to Russia and has now set its sights on India.
After having captured the markets of Venezuela and Russia the company,  Iranian automaker Khodro, is determined to increase its car production to meet the demands of its partner countries.

Leila Yusufi, the logistics manager at Khodro, expressed confidence in expanding the market to India when questioned about the company’s plans for the Indian market. She stated, “Certainly, if India permits, we will enter the Indian market.”

Yusufi said, “Sure. If India will allow. We will come to India.”

According to Khodro, they have the capacity to produce more than 40 cars per hour.

“We are currently able to producing 43 cars per hour and we are sending our cars to Venezuela and Russia,” Leila told ANI.

Iran is confident to produce more cars to meet the demand of their partner countries.

On being asked if Iran is facing challenges in automobile manufacturing due to US sanctions, logistics manager of IKCO said “We have defeated that. There were many problems but we have been able to overcome the sanction, fortunately.”

“But it was very difficult,” she added.

The US has imposed restrictions on activities with Iran under various legal authorities since 1979, following the seizure of the US Embassy in Tehran.

The Department of State’s Office of Economic Sanctions Policy and Implementation is responsible for enforcing and implementing a number of US sanctions programmes that restrict access to the United States for companies that engage in certain commercial activities in Iran.

IKCO is also planning to take new technologies from other countries, said Leila, noting, “the development of the country is one of our most important plans and we are looking for new technologies from other countries.”

According to IKCO, Iran produces about 85 per cent of automobile parts in the country as Make in Iran products and the remaining 15 per cent in other countries. (ANI)

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