Iran and South Korea are finalizing a deal to jointly manufacture railbuses for public transportation in suburban Tehran, announced the head of Islamic Republic of Iran Railways.

Saeed Mohammadzadeh said at a press conference that based on preliminary agreement, Iranian and South Korean companies will jointly produce railbuses under a to-be 700-million-euro deal that is expected to be signed by March, Trend News Agency reported.

The official noted that each day over 500,000 cars serve commuters traveling to and from Tehran posing economic, environmental and health hazards to the population.

He said that within four years, an Iranian-Korean consortium will supply part of the wagons needed to create the railbus system in suburban Tehran.

In many countries, 30 to 50 percent of suburban transportation is undertaken by railways. In the year to March 20, six million out of 32 million suburban passengers in Iran were transported by rail.

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