TEHRAN- Iran's Industrial Development and Renovation Organization (IDRO) and Australia’s Avass Group signed a memorandum of understanding (MOU) for the joint manufacturing of electric cars and motorcycles in Iran, the website of IDRO reported.

Based on the NOU which was signed in Tehran on Monday the Australian side will transfer related technology to Iran and also invest €100 million for the joint manufacturing of the mentioned products.

Avass Group has chosen Iran as its production and exports center in the West Asia, Central Asia and Russia region, according to Seyed Ali Araqchi, IDRO’s director for international affairs.

The Australian group is committed to establish a research and development (R&D) center in Iran and its cooperation with the other companies in the region will be supervised by IDRO, Araqchi said.

Established in Melbourne in 2011, Avass Group of Companies commenced operations as a consulting engineering body, and then developed and diversified over the years and now trades within the electric vehicle industry.

MA/MA