(Yicai Global) March 9 -- CRRC Nanjing Puzhen Co., a subsidiary of the world's largest rolling stock manufacturer, has penned an EUR500-million (USD620 million) deal to supply one of Iran's biggest companies with 90 subway trains.
The CRRC Corp. unit will design and make the carriages and help the Industrial Development and Renovation Organization under Iran's Ministry of Industry, Mine and Trade produce some of the parts locally, state-owned Chinese news agency Xinhua reported. CRRC Nanjing will also carry out rail tests and offer personnel training in the Middle Eastern country.
China is the largest economic and trading partner of Iran, which is one of the member countries of China's Belt and Road Initiative, the grand plan devised by President Xi Jinping that aims to exploit land and sea transport networks provide a vast infrastructure and trade routes in Africa, Asia and Europe.
The trains, which will have a designed speed of 80 kilometers an hour, will run on subway lines in Ahvaz, Shiraz and Tabriz, three of Iran's 10 biggest cities by population. They will modernize public transport and make life more convenient for local residents, said Cheng Ying, CRRC Nanjing's chief representative in Iran.