The 3rd Iranian Auto Industry International Conference kicked off on Monday in Tehran.

The two-day event is hosting 363 Iranian and 137 foreign companies from 23 countries.

Addressing the opening ceremony of the conference, Yong-Geon KIM, the president and CEO of Korea Automobile Manufacturers Association (KAMA), said Iran enjoys potential to become a car manufacturing hub in the region.



Under the new condition (removal of the West-led sanctions against Iranian economy) Iran is moving in the appropriate way, he said; adding that with a population of 80 million Iran is a big market in the region.



The automobile industry, the biggest non-oil sector of the Iranian economy, constituting around 10 percent of gross domestic product (GDP), boomed over the decade ending in 2011 due to government support and the dearth of international competitors in the domestic market.     



Iran ranks 18th on the list of the world’s top auto manufacturers, according to the International Organization of Motor Vehicle Manufacturers (OICA).      



Global automakers are in a race for new business in Iran following the signing of a nuclear accord between Iran and world powers on July 14, 2015, which ends economic sanctions against Iran in exchange for restrictions on its nuclear program.