28 Mar 2024
Tuesday 5 September 2017 - 15:06
Story Code : 274801

French transportation giant to invest $1.4 Bln in Iran's carriage manufacturer



Sputnik - France's Alstom transportation giant is ready to invest around $1.4 billion in Iran's Wagon Pars manufacturer, local media reported Monday.




MOSCOW (Sputnik) The Islamic Republic News Agency (IRNA) media outlet reported, citing Alstom's representative inIran Vincent Douret, that the Industrial Development and Renovation Organization, Trans Russ Company and Alstom were finalizing the cooperation contract onmanufacturing passenger coaches, metro carriages, bogies and their components atthe Arak-based Wagon Pars plant.

Douret made the relevant statement duringhis meeting withMahmoud Zamani Qomi, the governor general ofIran's Markazi province, where Pars Wagon plant is based, and Mehdi Moqaddasi, the member ofIranian parliament representing Arak, the capital ofMarkazi province.

Commenting onthe deal, Moqaddasi said that the Joint Comprehensive Plan ofAction (JCPOA) allowed Iran toattract foreign investment.

Alstom is a multinational corporation, which is considered tobe one ofthe major players atthe global rail transport market.

Iran's Wagon Pars Company, founded in1975, is currently the largest manufacturer offreight wagons, passenger coaches, locomotives and bogies inthe Middle East.

On July 14, 2015, ?hina, France, Russia, the United Kingdom, the United States and Germany (collectively referred toas the P5+1 group) signed the JCPOA withIran onthe latter's nuclear program. The accord stipulated a gradual lifting ofanti-Iran sanctions inexchange forTehran's assurances that its nuclear program would remain peaceful innature. The deal has had a remarkable effect onthe Iranian economy, opening channels forthe inflow offoreign investment intothe Islamic Republic.

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