Iran is expected to finalise six major contracts worth $3 billion in the automotive sector with foreign investors by March 20, an official at Tehran Chamber of Commerce was quoted as saying.

Mansour Moazami, the head of Energy Committee of Tehran Chamber of Commerce, said the contracts will mark a turning point in the auto-manufacturing industry as the nation will gain access to vehicles with state-of-the-art quality and standards by the end of 2017, an Iran Daily newspaper report citing Mehr News Agency said.

The official also reported that a €70-million contract had been signed between Iran and Belgium to manufacture automatic gearboxes in Iran.

He said under a deal with Saipa, Citroen has offered to invest $160 million in Iran in the form of a 50-50 joint venture.

Further, Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) and Renault of France have agreed on a $900 million project in which the French side will have a 60 percent stake, he said.

The contract will officially come into force on March 5 when a joint venture will be opened between the two sides, he added.

Another contract will be sealed between Mammut Group and Volkswagen auto-manufacturing company soon, he said.

A cooperation accord had been signed between Iran Khodro (IKCO) and Peugeot of France, while another agreement will be inked with Germany's Mercedes-Benz, he added.