iran-south-korea

Iran, South Korea sign agreement on technology transfer

Xinhua — Iranian and South Korean private companies signed memorandums of understanding (MoUs) to transfer technologies to Iran, Financial Tribune daily reported on Tuesday.

The agreements were signed at Tehran’s Milad Tower for the South Korean sides to transfer technology to Iran in the fields of thermal insulation, solar panels, alternative energy, lithium batteries and electric engines.

Iran and South Korea also signed dozens of MoUs this year on transfer of technology in a wide range of fields, including manufacturing, fishery, beekeeping, fertilizers, casting, oil and gas.

The South Korean ambassador to Tehran Kim Seung-ho said in November that South Korea had shifted its focus from trade to investments in Iran.

Iran signed its biggest credit line deal in recent years with South Korea’s Eximbank in August 2017.

The deal envisages as much as 8 billion euros (9.54 billion U.S. dollars) in loans provided by South Korean companies to finance various projects in Iran.

South Korea is among Iran’s major trade partners. Iran exported 2.87 billion U.S. dollars worth of goods and imported 3.46 billion U.S. dollars worth of goods from South Korea in the last Iranian year (March 2016-17), according to the Islamic Republic of Iran Customs Administration.