"Renault has proved its commitment to a nonstop presence in Iran since the beginning of its operation in 2004, and this signing confirms our strong intent and commitment for long-term operations as a strategic partner of Iran's automotive industry," said Bollore.
"This is a unique agreement in terms of investment, of technology transfer... of the development of Iranian talent, and in the creation of a modern engineering and production centre," he added.
Negotiations were painstaking, with Renault reportedly reluctant to meet Iranian requirements to source 40% of its parts from local manufacturers, which have struggled to keep up with international standards.
PSA, which quit the country when international sanctions hit in 2012, has been quick to rebuild its presence in Iran, which was the company's main engine of growth last year.
It signed a €400-million deal in June 2016 to build 200,000 Peugeots a year with Iran Khodro, and another with Iran's SAIPA to build a similar number of Citroens.
Overall production in Iran is expected to reach two million cars a year by 2020, up from 1.2 million in 2016.
French firms have been at the forefront of rebuilding trade ties with Iran since the nuclear deal, with energy giant Total signing a billion-dollar gas deal last month despite mounting pressure from Washington to isolate the country.
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