Tehran, Vienna soon to unveil joint efficient engine

News ID: 4002481 -
TEHRAN, Jun. 12 (MNA) – Iranian Industry Minister Nematzadeh said an energy-efficient car engine, jointly produced by Iran and Austria, will be soon unveiled.

“The contract signed last year between an Iranian firm and Austria’s ABL research center has fortunately yielded results as a prototype of the energy efficient car engine will be soon unveiled while mass production is expected to begin within two years,” highlighted Iranian Minister of Industry, Mine and Trade Mohammad Reza Nematzadeh at a meeting with Austrian Federal Minister of Finance Hans Jörg Schelling, who heads a delegation of senior financial and economic officials in Iran.

Nematzadeh went on to note that the three-cylinder engine will be used in future automobile in a bid to reduce fuel consumption and preserve the environment; “similar talks have been held with Germany to manufacture Euro-VI engines.

He pointed to the launch of cooperation between Iranian and Austrian banks saying “some members of CBI staff are doing training courses in Austria and the remaining issues will be hopefully resolved.”

Iran’s industry minister reiterated that no legal barriers existed on development of banking relations between the two countries as Iran has remained committed to global banking regulations.

“Austria's Export Credit Agency (ECA) has confirmed a number of Iranian investment projects in steel and auto part sectors,” said Nematzadeh stressing that the European country has agreed to provide insurance and finance worth 780 million euros for creating steel sheet production line inside Iran.

He noted that Iran will remain committed to joint five-year plan which was defined and inked last year at Iran-Austria Joint Economic Commission.

Also at the meeting, Austria’s Schelling pointed to age-old history of relations between the two countries voicing optimism that bilateral ties will return to pre-sanction levels.

The Austrian Finance Minister said he was being accompanied by governors of some large banks saying “monetary transactions and expansion of turnover are subject to the banking system.”

He noted that his country’s banks have launched working relations with 20 Iranian counterparts asserting “we spare no effort to supply legal security for bilateral and multilateral relations with Europe.”

He called for formation of Iran-Austria Joint Economic Commission and suggested an analogy between taken measures and a marathon explaining that “we are reaching the finishing line thanks to political determination and support of Iranian and Austrian governments.”

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