Tehran, May 1, IRNA –Roads and Urban Development Minister Abbas Akhoundi announced signing cooperation pact on railway, aviation by the two countries, saying that Iran welcomes Koreans' participation in building Tehran-Northern Iran Highway.



'We can compile memorandum of understanding on the highway within next two days,' Akhoundi said in a meeting with South Korean Minister of Land, Infrastructure and Transport Kang Ho-in.

Akhoundi conditioned cooperation to having a very transparent financial protocol to clarify methods of financial exchanges and its economic justification for Iran.

He said that one of the main issues in implementing projects is conditions of financing because Iran has received different proposals from China and European states for undertaking the projects.

'For example, we have received a very good proposal from China to electrify Tehran-Mashad Railway,' he said.

The Iranian minister also said that Iran and South Korea will sign three MoUs on railway and air transport cooperation on Monday.

Akhoundi further noted that MoUs on implementing Isfahan-Ahvaz railway project, financing purchase of 450 wagons from the Korean company Hyundai Rotem and cooperation between Incheon International Airport and International Imam Khomeini Airport (IKIA) will be inked in a ceremony to be attended by the two countries' presidents.

Akhoundi also voiced Iran's readiness for cooperation in the fields of smart transport systems, saying that Korean firms can invest in passenger, logistics and other sectors of IKIA.

He also welcomed South Korean cooperation in urban development sector.

By IRNA