South Korea to finance 700 million euros wagon construction

South Korea to finance the construction of 450 rail bus wagons which are to be constructed by Hyundai Rotem and Iranian IRICO. The contract, which was signed on Monday, is valued at 700 million euros. Abrar-e-Eghtesadi writes, Iran has signed another contract with South Korea to purchase 150 other wagons, the first 50 of which are underway. The Minister of Roads and Urbanization has said that the manufacture of 450 wagons will take 6.5 years. This project is expected to provide direct employment for 1000 people and indirect employment for 1700 people. Based on numbers from the Islamic Republic Iran Railways, by the end of 2013, 25 million people were transported via railway and Iran plans to increase its rail capacity to 160 passengers by 2025.