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The MoU was signed by the Managing Director of Iranian company ‘Maral sanat’ Mohammad Reza Rostami and Emin Akhundov, chairman of the Board of AzerMash.
Based on the MoU, each of the Iranian and Azeri companies will enjoy 50 percent share in the project.
The construction phase of the project is scheduled to get started next month.
Each of the Iranian and Azeri companies will invest €5m for this project.
The factory will have the capacity of manufacturing 1200 trailers annually.
Rostami said that the project is aimed at supplying Central Asian market with trailers.
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