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Iran rules out any immediate return for foreign home appliance brands

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
Iran says home appliance brands would not be welcome to return to the country after easing of US bans.

Iranian ministry of industries (MIMT) has a policy to oppose the return of international home appliance brands once US sanctions on Iran is eased, says a senior MIMT official.

Deputy MIMT Minister Mehdi Sadeghi Niaraki said on Thursday that Iranian manufacturers have been capable of responding to the domestic demand for home appliances since 2018 when foreign companies left the Iranian market under pressure from the United States.

“A return for foreign brands of home appliance is out of question for the time being,” said Niaraki, adding that MIMT would continue to support domestic manufacturers in their push to increase output in the upcoming years.

Iran has reported a major boom in domestic output of home appliances over the past three years as consumers have developed a taste for Iranian-made gadgets and devices that are much cheaper than Asian or Western rivals.

Niaraki’s remarks come against the backdrop of reports suggesting that Iran is planning to allow a return for two major South Korean brands of home appliances. The reports came following a trip to Tehran earlier this month by South Korea’s Former Prime Minister Chung Sye-Kyun.

However, Niaraki said South Korea’s Samsung and LG, once responsible for more than 60% of the home appliance market in Iran, should pay a price for their sudden withdrawal from the Iranian market in 2018.

Speaking in a ceremony to inaugurate a new washing machines factory, he said those companies should consider joint ventures or direct investment in Iran as a precondition for any potential return to the country in future.

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