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 in�Iran Vincent Douret, that the Industrial Development and Renovation Organization, Trans Russ Company and Alstom were finalizing the cooperation contract on�manufacturing passenger coaches, metro carriages, bogies and their components at�the Arak-based Wagon Pars plant.

Douret made the relevant statement during�his meeting with�Mahmoud Zamani Qomi, the governor general of�Iran's Markazi province, where Pars Wagon plant is based, and Mehdi Moqaddasi, the member of�Iranian parliament representing Arak, the capital of�Markazi province.

Commenting on�the deal, Moqaddasi said that the Joint Comprehensive Plan of�Action (JCPOA) allowed Iran to�attract foreign investment.

Alstom is a multinational corporation, which is considered to�be one of�the major players at�the global rail transport market.

Iran's Wagon Pars Company, founded in�1975, is currently the largest manufacturer of�freight wagons, passenger coaches, locomotives and bogies in�the Middle East.

On July 14, 2015, ?hina, France, Russia, the United Kingdom, the United States and Germany (collectively referred to�as the P5+1 group) signed the JCPOA with�Iran on�the latter's nuclear program. The accord stipulated a gradual lifting of�anti-Iran sanctions in�exchange for�Tehran's assurances that its nuclear program would remain peaceful in�nature. The deal has had a remarkable effect on�the Iranian economy, opening channels for�the inflow of�foreign investment into�the Islamic Republic.