Detlef Wittig and Folker Weissgerber were the two members of the Board of Directors for the German company to sign the agreement. The general manager of the company, Hans Christian Maergner were also present. An offshoot of Kerman Automaking Industries, BAMCO was established in 2003 to produce Volkswagen cars. Relevant installations are under construction in Arg-e-Jadid (new castle) in south of Iran. BAMCO is supposed to offer 200,000 cars per annum once it goes on-stream in three years. The Iranian company would increase its output to 400,000 Volkswagen makes in 2007. Durability, accurate and precise production, low consumption and pollution emission constitute the specifications of these cars. Kerman Automaking Industries is in the process of manufacturing GOL before BAMCO starts up. Economic experts prefigure production of 4,000 GOL for 2004 and 25000 GOL for 2005. Internationally recognized Volkswagen offers eight brands known as AUDI, Bentley, Bugatti, SEAT, SKODA, Lamburghini, VW Commercial Vehicles and Volkswagen-PKW. The German company exported over 5m vehicles to 150 countries in 2003. It recruits 300,000 employees worldwide. It has constructed 45 factories in 11 countries from Europe and seven others from America, Asia and Africa. Volkswagen registered its 2003 turnover at more than 87 billion euros. PIN/IRANNEWS