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Renault has reached a deal with Iran's government to open a plant making at least 150,000 vehicles a year, as European companies race for a share of Iran's market now that international sanctions have been lifted."The Iranian government wants to attract foreign investment in the Iranian car industry to bring competitive new products benefiting Iranian customers with respect to standard, quality and safety," Industry Minister Mohammad Reza Nematzadeh later declared in the statement.He said Renault was chosen because it has been in the country for 12 years, though activities were frozen while Iran was under sanctions over its nuclear program.The deal is in addition to a joint venture between Renault and Iran signed earlier this year to revive production at a plant where Renault's activities had been previously suspended.
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