South Korea signs 720 million euro deal with Iran

Tehran Dec 03: South Korea's Hyundai Rotem signed a 720-million-euro (USD 856 million) deal with Iran on Saturday to manufacture 450 railbuses for suburban trains, Iranian state media reported.

The deal was signed in Tehran between Hyundai Rotem, a unit of Hyundai Motors, and Railways of Islamic Republic of Iran at a ceremony attended by Iranian Transport Minister Abbas Akhoundi.

The deal, financed by the South Korean side, will create 1,000 direct jobs and 1,700 indirect jobs in the Islamic republic, state news agency IRNA quoted Akhoundi as saying.

Iranian Rail Industries Development Company will build 300 rail buses, under Hyundai supervision, with the remaining 150 to be manufactured in South Korea, IRICO executive director Nasser Soufi told state television