On January 06, 2016, Iranian Railways and German company Siemens signed a memorandum of understanding (MoU) for cooperation in various fields. Based on the agreement the parties will cooperate in electrification project of Tehran-Mashhad railroad, construction of Tehran-Isfahan high-speed railway, providing and maintenance of 500 passenger cars, as well as updating railway systems of the Islamic Republic. Under the agreement Siemens will also take steps to transfer technology to Iran via selecting Iranian partners.