Iran strikes deal with Hyundai for supply of rail vehicles
Baku, Azerbaijan, March 1
By Khalid Kazimov - Trend:
The Islamic Republic of Iran Railways and South Korean Hyundai Rotem Company have signed a memorandum of understanding (MoU).
Under the MoU, the Korean company will provide Iran with 150 rail vehicles, IRNA news agency reported.
According to the report, the deal will be carried out via the lease agreements.
The MoU comes as part of the South Korean Minister of Trade, Industry and Energy Joo Hyung-hwan's visit to Iran. The minister heading an economic and politic delegation is in Iran to discuss the expansion of bilateral ties.
During Joo Hyung-hwan's visit, Iran and Korea discussed several agreements and signed a basic agreement to attract funds worth a total value of $5 billion to be spent on Iran's development projects.
South Korea is a key trade partner of Iran in Asia. Seoul imports as much as 10 percent of its required oil supplies from Iran.
The current volume of trade between the two countries stands at around $9 billion which is expected to be increased to well above $10 billion in the near future.