Siemens, a leading global industrial group, has signed a memorandum of understanding (MoU) worth $1.6 billion with Iran on transportation equipment and services, said a senior official from Siemens.

“Iran has a lot of opportunity and this won't be the last MoU,” chief executive officer of Siemens AG, Joe Kaeser, was quoted as saying in an Iran Daily report.

The MoU came after the Joint Comprehensive Plan of Action (JCPOA), a nuclear deal between Iran and the P5+1 (Russia, China, the US, Britain, France and Germany), came into force on January 16, it added.