TEHRAN, Aug. 28 (Xinhua) -- Iran's Industrial Development and Renovation Organization (IDRO) and Australia's Avass Group signed a memorandum of understanding (MoU) for the joint manufacturing of electric cars and motorcycles in Iran, Tehran Times reported Tuesday.

Based on the MoU signed in the capital Tehran on Monday, the Australian side will transfer relevant technology to Iran and also invest 100 million euros (117 million U.S. dollars) for joint manufacturing of the products.

Avass Group has chosen Iran as its production and exports center in the West Asia, Central Asia and Russia region, said Seyed Ali Araqchi, IDRO's director for international affairs.

The Australian group is committed to establishing a research and development center in Iran, and its cooperation with other companies in the region will be supervised by IDRO, Araqchi added.