28 Mar 2024
Monday 29 February 2016 - 14:40
Story Code : 203997

South Korea President due in Tehran

TEHRAN (FNA)- South Korean President Park Geun-hye is scheduled to visit Iran in the near future for trade talks.

According to the South Korean media reports, President Park Geun-hye will visit Iran as the Asian country seeks to tap into business opportunities.

The announcement was made Monday by Presidential Spokesman Jeong Yeon-guk to reporters in Seoul, without specifying the date of the visit but various media reports put it for either April or May.

This comes as a high-ranking South Korean delegation is already in Tehran for trade talks.

On Sunday, Governor of the Central Bank of Iran Valiollah Seif and South Korean Trade Minister Joo Hyung-hwan in a meeting in Tehran reviewed the banking cooperation between the two countries.

During the meeting, Seif and Joo underlined the need for broadening of trade and economic ties, specially in banking sector. The South Korean trade minister is heading a 300-member trade delegation.

In a relevant development earlier this month, South Korean Ambassador to Iran Song Woong-Yeob announced that Seoul and Tehran were resolved to enhance their bilateral ties in different areas.

"There are many capacities in South Korea and Iran for boosting interactions," the South Korean ambassador said in a meeting with economic activists in Qazvin province, Central Iran.

He noted that the two countries have good banking interactions that have resulted in boosting economic exchanges between Seoul and Tehran.

Song urged the South Korean and Iranian companies to boost their mutual cooperation, and said, "A sum of 2,000 Korean companies have economic relations with Iran at present."

In June 2015, the research centers of the Iranian and South Korean parliaments in a ceremony signed a memorandum of understanding (MoU) in Tehran to boost mutual cooperation.

Earlier this month,South Koreas official export credit agency KEXIM said it was raisingits sovereign credit rating for Iran by one notch in anticipation of a strong economic growth.

The agency has already pledged to provide financial support to Korean firms trying to secure business in Iran as international companies jockey to enter the market.

Executives of Hyundai and Daewoo engineering and construction companies and other private builders such as Daelim Industrial Co, Eximbank and Korea Expressway Corp visited Tehran last August.

They were among 30 representatives of oil, gas and construction industries accompanying South KoreanMinister of Land, Infrastructure and Transport Yoo Il-hoon an official visit.

By Fars News Agency
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