EghtesadOnline: A memorandum of understanding was signed between Shanghai Elevator Trade Association Vice President ChunTao Li and the head of Iranian Syndicate of Elevators and Escalators Industries, Mohammad Reza Zohrehvandi, in Tehran on Wednesday.

EghtesadOnline: The annual turnover of elevator industry in Iran stands at around 50 trillion rials ($1.25 billion), while it has the potential to rise to 200 trillion rials ($5 billion), the president of the Iranian Syndicate for Elevator and Escalator Industries said.