​Industrial Development and Renovation Organization of Iran (IDRO) and French multinational automobile manufacturer Renault signed a deal on the second day of the Paris Motor Show 2016.The joint venture deal was signed by IDRO’s managing director, Mansour Mo’azzami, and Renault’s chief competitive officer, Thierry Bolloré, and in the presence of Iranian Industry, Mining and Trade Minister Mohammadreza Nematzadeh and Renault President Carlos Ghosn.The venture will, for the first time, give Renault its own distribution network in Iran, complete with sales and after-sales services.The deal was on the establishment of an engineering and sales office in Iran to support Iranian auto part manufacturers and also setting up a manufacturing plant in the country with the initial capacity of 150,000 cars per annum. The factory is to roll out its first Symbol and Duster models in 2018.Also, Renault will continue cooperation with its Iranian partners, Saipa and Iran Khodro, within the framework of Renault Pars joint venture.Less than one year after the implementation of the nuclear deal, the first automotive deal was signed by Peugeot and Iran Khodro, and the second deal was signed by Citroen and Saipa. The deal will be finalized soon.Iran Khodro and Peugeot are expected to roll out their joint product, named 2008 and then they will manufacture 301 and 208 brands. Citroen and Saipa have agreed to jointly produce the latest models of Citroen at Saipa Kashan assembly line.Companies like Fiat, Volkswagen, and Benz have started talks with Iranian carmakers. Renault had limited activity to the production of higher quality cars of Tondar and Tondar Pickup. But, they have come back with manufacturing two cars jointly with Pars Khodro, named Sandero Hatchback and Sandero Stepway.The 2016 Paris Motor Show is open to the public from October 1-16. The biennial event showcases the latest concepts and the hottest exotics from the world's leading automakers.On the sidelines of the event, of Iranian Industry, Mining and Trade Minister Mohammadreza Nematzadeh said “Iran is planning to attract foreign investment in its car industry in order to offer state of the art cars at competitive prices to Iranian customers. We studied many companies and we came to the conclusion that Renault can be an ideal partner thanks to its 12 years of continuous presence in Iran.”Renault President Carlos Ghosn, for his part, said Iran's car market is projected to reach two million vehicle market by 2020, giving it "undeniable potential". Signing the deal proves strategic selections of Renault in Iran. It is a new start for Renault and gives the company superiority.