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.