Sumitomo Corp. has invested ¥320 million in an Iraqi auto dealer in the first major investment in Iraq by a Japanese company after US invasion of the year of 2003. The report has been concluded by the trading house of Iraq.
Sumitomo has acquired a 45 percent stake in SAS Automotive Services Ltd., a subsidiary of Iraq’s largest automotive business, the Sardar Group.
Through SAS, Sumitomo will expand its distribution business for Toyota Motor Corp. vehicles in Iraq, including after-sales services. Annual sales for new vehicles in Iraq range around 120,000 to 150,000 units, according to Sumitomo.