News ID: 4079380 -

France's Alstom to sink €1.2bn into Iranian rail industry

TEHRAN, Sep. 05 (MNA) – Alstom Rail transport company of France has announced the plan to invest 1.2 billion euros in Arak Pars Wagon by finance.

Vincent Douret, France's Alstom Company plenipotentiary representative in Iran, made the announcement on Monday at joint meeting with Governor General of Markazi Province Mahmoud Zamani Ghomi as well as Mehdi Moghaddasi who represent Arak city in the Iranian Parliament.

Accordingly, the cooperation agreement is expected to be inked by Iran’s Industrial Development and Renovation Organization (IDRO), Trans Russ Company and France's Alstom in a bid to manufacture passenger wagons, metro carriages and spare parts in Arak Pars Wagon (APW) complex.

France’s Douret said the agreement, in addition to dealing with supplying domestic demand for wagons and transferring of know-how, also contains terms on exports of wagons and spare parts to foreign markets.

Under the MoU, training courses will be held for human resources of APW as well as that the Iranian factory will be equipped with state-of-the-art technology, he stated.

Zamani Ghomi said Markazi voiced preparedness of Markazi province for every type of cooperation on investment and presence of France's Alstom Company to manufacture wagons in APW; “investment by the French firm will be fully backed and welcomed,” he underlined.

Also at the session, Moghaddasi said the Joint Comprehensive Plan of Action (JCPOA) had paved the path for arrival of foreign investors and presence of foreign companies in Iran.

He went on to note that the Iranian Parliament supported memoranda of understanding for investment in the country and was willing to launch cooperation with foreign investors.

Aral Pars Wagon Company was founded in 1975 and remains the largest manufacturer of locomotive, cargo and passenger wagons and metro carriages in the Middle East.

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