Tehran, Iran, May 13
By Mehdi Sepahvand - Trend:
A South Korean company and subsidiary of LG has announced it is going to manufacture electric cars in Iran.
A contract has been signed, and the Korean company will use the cooperation of an existing Iranian car making factory, SHANA news agency reported May 13.
The contract sides have agreed to produce 60 thousand cars by 2023.
The report says most of the articles of the agreement will be finalized by this year's end and the companies will start cooperation soon after.
During a recent visit to Iran by South Korean President Park Geun-hye, the two countries agreed to boot trade from $6.1 billion per year to $18 billion.
The two countries also signed about 60 MoUs and contracts worth over $45.6 billion.