A large South Korean delegation, headed by Minister of Land, Transport and Infrastructure Yoo Il-h, will visit Iran to discuss new business opportunities in the country, the Yonhap news agency says.

South Korean companies are seeking to tap the Iranian market after the recent opening in the wake of last month's nuclear deal, the news agency reported without saying when the visit will take place.

The delegation will include officials from the state-run Korea Export-Import Bank and Korea Expressway Corp., as well as private builders such as Daelim Industrial Co., South Korea’s biggest news agency said.

Asian governments are trying not to fall behind in the race by the Europeans to snap up new business in Iran. British Foreign Secretary Philip Hammond is due in Tehran on Sunday, following in the footsteps of French, German, Italian and Japanese ministers.

Yonhap said the South Korean minister and his delegation will meet with Iran’s oil, energy and urban development ministers as well as executives of oil and petrochemical firms.

The news agency, quoting an unnamed official, said Iran has shown interest in cooperating with South Korea in various business areas including development of ports and airports as well as in railways, transportation and housing projects.

Iran was South Korea’s sixth largest partner for sales of industrial products before 2011 when sanctions reduced bilateral trade, Yonhap reported. Seoul imports oil from Iran in limited quantities under an interim nuclear deal which allows Tehran such exports.

South Korea has established a special support center for businesses to enter the Iranian market in its effort to revive full economic relations with Tehran.



[caption id="" align="alignnone" width="555"] The Tehran Street in Seoul.[/caption]

The last Asian minister to visit Iran was Japan’s State Minister of Economy, Trade and Industry Daishiro Yamagiwa who traveled to Tehran last month at the head of a delegation representing 21 companies.

The Nikkei business daily said earlier this week that Japan will launch talks with Iran toward an investment agreement. Tokyo, it said, is “eager to restore amicable relations with Iran and secure stakes in resource development projects there”.

“Behind-the-scenes bilateral discussions have laid the groundwork for working-level talks Tokyo hopes to begin after the sanctions end,” the paper said, citing unnamed government sources.

By Press TV