US-led anti-Iran bans adversely affect Souht Korea’s economy: Officials

South Korean officials say the US-engineered sanctions against Iran over its nuclear energy program have had negative effects on the economy of South Korea.

“The Korean economy is damaged in a sense because we had strong economic ties with Iran that have been hampered by the sanctions. The Korean economy could not benefit enough from the economic relations with Iran,” said, Jong Seok Kim, the dean of the Economics Department of Hongik University in South Korea.

He made the remarks in the 12th Conference on South Korea and the World Economy toward Broader and Deeper Economic Collaboration in Asia, held in the Iranian capital, Tehran, on Tuesday.

The two-day conference, which is aimed at enhancing Tehran-Seoul bilateral economic ties, is organized by the Association of Korean Economic Studies (AKES) and Iran’s Monetary and Banking Research Institute (MBRI).

The conference will also be held in the Iranian cities of Isfahan and Shiraz until June 29th.

Also, President of the Association of Korean Economic Studies Insill Yi said, “Iran and South Korea have more than fifty years of economic relations.”

She said that small and medium-sized Korean companies have suffered most from a drop in exports and imports.

At the beginning of 2012, the US and the European Union imposed new sanctions on Iran’s oil and financial sectors aimed at preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.

The illegal US-engineered sanctions were imposed based on the unfounded accusation that Iran is pursuing non-civilian objectives in its nuclear energy program.

Iran rejects the allegations, arguing that as a committed signatory to the Non-Proliferation Treaty (NPT) and a member of the International Atomic Energy Agency (IAEA), it has the right to use nuclear technology for peaceful purposes.

By Press TV


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