TEHRAN: The chief executive officer of Siemens AG, Europe’s biggest industrial group, said the German company signed a memorandum of understanding (MoU) with Iran on transportation services.
Joe Kaeser said on Tuesday that an MoU worth $1.6 billion has been inked with Iran on transportation equipment and services, AP reported. “Iran has a lot of opportunity and this won’t be the last MoU… but we will not go head over heels in this market,” Kaeser said.
Siemens AG is a Germany-based industrial conglomerate that operates in various segments including power and gas, wind power and renewables, energy management and mobility focusing on passenger and freight transportation solutions.
The MoU with Siemens came after the Joint Comprehensive Plan of Action (JCPOA), a nuclear deal between Iran and the P5+1 (Russia, China, the US, Britain, France and Germany), came into force on January 16.
