Ikarus to deliver 1,000 buses to Iran over two years

Initiatives

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Hungaryʼs Ikarus has signed an agreement to deliver 1,000 buses to Iran over the next two years, Financial Tribune, an Iranian English-language business daily, reported Tuesday, citing Iranian news agency ILNA.

Ikarus has signed an import agreement with the City Industries and Mines Development Group, a specialized holding company owned by City Bank of Iran, Financial Tribune reported, according to Hungarian news agency MTI.

Ikarus and City Industries also signed a memorandum of understanding on the joint production of buses in Iran, the Iranian paper said. Ikarus will share know-how with its Iranian partner under the MoU, it added.

Speaking after the inaugural meeting of the Hungarian-Iranian Joint Economic Committee in Budapest in February, Minister of Foreign Affairs and Trade Péter Szijjártó said an agreement had been reached on the delivery of "several hundred" buses to Tehran by Ikarus Global.

Ikarus buses were popular in Iran during the 1990s, but imports of the vehicles were discontinued because of nuclear sanctions.

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