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Tehran and Moscow signed a memorandum of understanding (MoU) to jointly manufacture railway cars.
The MoU was signed between Iran`s Industrial Development and Renovation Organization (IIDRO) and Russia`s Transmash Holding Company in Moscow.
Under the terms of the agreement. the two sides will join hands in production of rail wagons in Iran through Russian financing.
As a result of negotiations. Tehran and Moscow will cooperate in various sectors of producing cargo and passenger railway carriages.
In relevant remarks last week. Iranian Ambassador to Russia Mehdi Sanayee declared that the volume of trade exchanges between Tehran and Moscow has considerably increased.
Both countries managed to overcome stagnation of economic ties and volume of trade showed more than 80 percent growth in 2016 compared to the previous year. Sanayee said.
He said relations between Iran and Russia in almost the past four years have been unprecedented and historical. expressing the hope that President Rouhani’s imminent visit to Moscow would result in drastic jump in mutual cooperation.
