The car deal is expected to create about 3,000 jobs for the two Iranian companies involved.
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Iran signed the country's biggest-ever car deal worth several hundred million dollars with French manufacturer Groupe Renault Monday to produce 150,000 cars a year, the latest advance by a European company into Iran's sizable consumer market.Renault and other European companies are looking to rebuild their presence in Iran following the lifting of international sanctions.The company has been operating in Iran since 2003, though operations were halted when Iran came under international sanctions over its nuclear program.The car deal is expected to create about 3,000 jobs for the two Iranian companies involved: IDRO, or the Industrial Development and Renovation Organization of Iran, and the privately-owned Negin Group, which imports Renault products to Iran.The deal was first reached with Iran's government last September.
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