Tasnim – The Industrial Development and Renovation Organization of Iran (IDRO) and Transmashholding, Russia’s largest company on the railway machine-building market, finalized a memorandum of understanding (MoU) to boost cooperation in production of railroad cars.

The cooperation agreement was finalized during the talks in Moscow between an Iranian delegation headed by Deputy Minister of Industry, Mines, and Trade Mansour Moazzami and officials with the Transmashholding.

According to the MoU, the two companies agreed that the Russian side would finance production of railroad cars in Iran.

The cooperation agreement is planned to be signed during a ceremony in Moscow later on Tuesday with Iranian President Hassan Rouhani and his Russian counterpart, Vladimir Putin, in attendance.

Heading a high-ranking politico-economic delegation, Rouhani arrived in Moscow Monday evening for a two-day official visit at the invitation of Putin.

The Russian president is scheduled to officially welcome his Iranian counterpart at the Kremlin on Tuesday. Rouhani and Putin will then hold talks on regional and international issues and matters of mutual interest.

The two presidents are also expected to issue a statement following their meeting.

Speaking to reporters in Tehran on Monday before setting off for Moscow, Rouhani said the two sides were closely cooperating on regional issues, including fighting terrorism and promoting stability.