TEHRAN – Two Chinese companies will fund the implementation of the Tehran-Mashhad railway signaling project in Iran.
Railway signaling is a system used to control railway traffic safely, essentially to prevent trains from colliding.
The Chinese companies CMC and SUPOWER have signed a deal with the Iranian Railways Company to invest in the 900-kilometer Tehran-Mashhad railway signaling project, the IRNA news agency reported on Monday.
A consortium comprised of subsidiaries of the Iran Power Plant Projects Management Company, known as MAPNA, will cooperate with the Chinese partners in the project.
On February 23, Iran and China signed an agreement in Tehran, finalizing a roadmap to double bilateral trade over the course of three years.
The two countries expressed interest in boosting cooperation in a wide range of areas, such as the industrial, oil, gas, petrochemical, mining, banking, transportation, energy, communications, and information technology sectors.
In December 2013, then Iran-China Joint Chamber of Commerce chairman Asadollah Asgaroladi announced that annual trade between Iran and China could reach $38 billion by the end of Iranian calendar year 1392 (March 20, 2014).