Iran, S.Korea to pursue joint trade


Iran, S.Korea to pursue joint trade

8 April 2007

Iran and South Korea have signed an agreement to create an exploratory committee aimed at boosting trade and investment between both countries.

The first meeting of the joint investment committee is scheduled for October in Seoul, where both sides will discuss investment-related issues, and organize a seminar on the sidelines for business leaders and investors from both countries.

The memorandum of understanding (MoU) for the committee was reached in Tehran Saturday between Hong Ki-Wha, Vice President of the Korea Trade-Investment Promotion Agency, and Mohammad Khaza’i, head of Iran’s Investment and Technical and Economic Assistances Organization.

"At present, the bilateral economic interactions [between Tehran and Seoul] are chiefly trade-based, whereas there are favorable opportunities for greater cooperation in investment and manufacturing areas as well," said Khaza’i at the MoU signing ceremony.

He added that in a world where political issues greatly influence international trade relations, investment in manufacturing and services sectors could ensure more stable long-term cooperation.

Hong expressed his country’s willingness to study investment opportunities in Iran and called the MoU on creating an Iran-South Korea investment committee a significant step that can help boost economic exchange between both sides.