Sumitomo Corp. has invested ¥320 million in an Iraqi auto dealer in the first major investment in Iraq by a Japanese company after the 2003 Iraq war, the trading house said Thursday.
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 of new vehicles in Iraq total around 120,000 to 150,000 units, according to Sumitomo.