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Iran, South Korea sign $1B deal on cable cars

Business Materials 10 June 2017 11:56 (UTC +04:00)

Baku, Azerbaijan, June 10

By Fatih Karimov – Trend:

Iran and South Korea have signed a memorandum of understanding worth $1 billion for construction of an urban telecabin (cable car).

The deal was signed between South Korea’s Newmillennium company and Iran’s Jam Industrial Group in Tehran June 10, IRNA news agency reported.

Jalil Makinechi, managing director of Iranian company said that the deal aims development of urban transportation system in Tehran and other Iranian mega-cities and employing modern and clean international transport systems in these cities.

He further said that the first phase of the project will be implemented within 1-1.5 years.

The South Korean firm, which has bought the technology for manufacturing telecabins from French MPO, will form a joint venture with Iranian counterpart, in order to implement the project.

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