The Group of Eight Developing Islamic Countries has given the green light to a proposal by Iran on producing a joint automobile brand. "The Iranian-introduced proposal must be taken into consideration and acted upon by the private sectors of all D-8 members," said D-8 Secretary-General Dipo Alam in the Malaysian capital of Kuala Lumpur on Monday.
Alam added that in order for this plan to succeed D-8 members must closely cooperate, as 'budget shortfalls do not allow these governments to independently supply the high costs of auto production'.
The proposal was first floated by the Middle East's largest automaker, Iran Khodro Company.
In 2007, Iran's Foreign Ministry conferred on the proposal with the other seven members of the D-8 group, Bangladesh, Egypt, Indonesia, Malaysia, Nigeria, Pakistan and Turkey.
"Each year, Muslim countries import over 17 million vehicles from industrialized states, whose companies make handsome profits through these imports," read an introduction to the Iranian proposal, presented by Deputy Foreign Minister, Ali-Reza Sheikh-Attar in October 2007.
The 6th Summit of the Group of Eight Developing Islamic Countries will open on July 8, 2008 in Malaysia.
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