Iran seeking JV with American giants GE, Whirlpool

By  Trend

Iran is in talks with two American home appliances manufacturers General Electric (GE) and Whirlpool for joint venture, according to Abbas Hashemi, director general of home appliances and metal industries department of Iran’s Ministry of Mine, Industry, and Trade.

Addressing a press conference, Hashemi said Iran is seeking joint venture and cobranding deals with foreign companies where a minimum 30 percent of the products are exported to regional markets, Trend correspondent reported from the event January 3.

In particular he said that the ministry is looking forward to have one or two brands produce split cooler units in Iran.

"During the first eight months of the current Iranian fiscal year (since March 20, 2016) Iran imported $485 million home appliances. Split cooler units counted for 75 percent of the imported items in value. Therefore, the ministry is taking measures to have them produced domestically," he said.

Apart from the economic aspect, if Iran manages to strike a deal with any of the American companies it will be a breakthrough in the wake of Tehran’s political measures that culminated in the famous nuclear deal with world powers in 2015.

American companies have been the absentees in the post-sanctions Iranian market. However, the Iranian government has taken strides to make big deals with American companies to thaw the ice and improve the psychological atmosphere for foreign companies to find the courage of entering business with Iran. Earlier on Dec. 11, Iran Air finalized a long awaited contract with Boeing, the US aircraft manufacturer, to purchase 80 passenger planes.