TEHRAN, Nov. 28 (Xinhua) -- Iran has signed a Memorandum of Understanding valued at 300 million U.S. dollars with Russia for car exports to the country, semi-official Fars news agency reported on Monday.

Russia is one of the customers of Iranian automobiles, Fars quoted Mohammadreza Najafi-Manesh, president of the Association of Homogeneous Powertrain Industries and Parts Manufacturers, as saying.

Najafi-Manesh noted that Iran had exported some 1,000 vehicles to Venezuela, adding that more orders from the South American country are expected in the future.

Najafi-Manesh said Russia and Venezuela are two "good" markets for Iranian cars, noting that Iran will be able to achieve a favorable global status in automobile exports once the ground is prepared.

Iran had previously exported cars to Armenia and Azerbaijan as well, he added. Enditem

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