Baku, Azerbaijan, Apr. 27
By Fatih Karimov – Trend:
Iran and Russia signed a contract, worth 500 million euros for manufacturing 500 railroad cars.
The Industrial Development and Renovation Organization of Iran (IDRO) and Transmashholding, Russia’s largest company on the railway machine-building market, signed the contract, based on which the Russian side will finance the production of railroad cars in Iran, IRNA news agency reported Apr. 27.
On the sidelines of the contract signing ceremony, Mansour Moazzami, Iran’s deputy minister of industry, mines, and trade, said that the deal aims to attract foreign investment and usage of modern technology in manufacturing passenger and freight cars in the country.
The two parties will cooperate in the field of railroad car production with Russian finance, Moazzami said, adding that passenger cars will be manufactured at the first step.
Earlier in March, during Iranian President Hassan Rouhani’s official visit to Russia, IDRO and Transmashholding signed a MoU to boost cooperation in production of railroad cars.
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