Iran, South Korea aim to increase trade turnover to $18B

Iran, South Korea aim to increase trade turnover to $18B

Iran and South Korea eye to increase bilateral trade from current level of $6 billon per year to $18 billion, the Islamic Republic president Hassan Rouhani said.

Rouhani made the remarks during a press conference with his visiting South Korean counterpart Park Geun-hye in Tehran May 2, Iran’s state-run IRINN TV reported.

Iran and South Korea will upgrade the mutual trade ties to strategic economic relations, he said.

In this regard South Korean firms will invest in Iran and their activities in the Islamic Republic will be accompanied with transfer of technology into the country.

Referring to signed cooperation documents between the two sides, Rouhani said that South Korean entrepreneurs will work in Iran’s energy, mining and infrastructure sectors.

He further said that developing banking relations and resuming correspondent banking ties is vital for expanding ties, adding the sides decided to take necessary measures in this field.

Rouhani noted that Seoul and Tehran agreed to boost cooperation in tourism and cultural fields, adding South Korean firms will invest in Iran’s tourism infrastructure, in particular construction of hotels.

The Iranian president also said that the Islamic Republic wants peace and stability in Korea peninsula.

Security in the peninsula as well as Middle East is important for mutual ties between Seoul and Tehran, he added.

Iran is against production of all kinds of weapons of mass destruction, especially in Middle East and Korean peninsula, Rouhani underlined.

President Rouhani also said that he has negotiated regional issues including crisis in Yemen and Syria with his South Korean counterpart.

The South Korean president is heading a large business delegation of over 230 executives during the three-day visit to Iran.

Iran-South Korea trade turnover stood at $6.1 billion in 2015. The figure was $17.4 in 2011, Before Western countries imposed sanctions against Iran.

Iranian and South Korean officials signed 19 memorandums of understanding (MOUs) on the sidelines of a meeting between President Rouhani and his South Korean counterpart May 2.

Source: Trend