TEHRAN (Tasnim) � The CEO of Iran�s leading automaker, Iran Khodro Company (IKCO), announced that France�s PSA Peugeot Citro�n, the second largest car manufacturer in Europe, has accepted his company�s stipulations for resuming cooperation.

Peugeot has officially agreed to IKCO�s conditions for resuming mutual cooperation, Hashem Yeke Zare announced on Sunday.

�Creating a joint venture with each of the two companies holding a 50% stake, turning Iran into a regional export hub for Peugeot and transferring technology and investment are among the conditions of Iran for resuming cooperation with Peugeot,� he noted.

In a meeting back in mid-July, Yeke Zare and Jean-Christophe Qu�mard, vice-president and a member of PSA Peugeot Citro�n Managing Board, had discussed comprehensive joint ventures and exports.

At the meeting, Qu�mard emphasized that PSA Peugeot Citro�n is determined to actively participate in the Iranian market, as a gateway to the region.

During the meeting, the two sides also secured an agreement on equipping IKCO�s products with eco-friendly engines.

With its two world-renowned brands, Peugeot and Citro�n, PSA Peugeot Citro�n sold 2.8 million vehicles worldwide in 2013, 42% of which outside Europe.

The second largest carmaker in Europe, PSA Peugeot Citro�n recorded sales and revenue of �54 billion in 2013.

The French carmaker withdrew from Iran in 2012. Peugeot was lured into leaving Iran by General Motors with promises of a share in its market which the Detroit-based company didn�t live up to.

By Tasnim News Agency