Iranian President Hassan Rouhani says the ground is prepared for foreign investment in the Islamic Republic as he welcomes his visiting South Korean counterpart Park Geun-hye.

In a message on his Instagram account on Sunday, President Rouhani said, “Today the ground has been prepared and the head of states who travel to Iran are accompanied by delegations from their respective countries’ major economic firms.”

Rouhani welcomed South Korea’s President Park in an official ceremony at Sa’adabad Palace in Tehran on Monday.

The South Korean president arrived in Tehran on Sunday for a three-day official visit. She is heading a 236 member delegation.

National anthems of the two countries were played and the two presidents reviewed the guard of honor.

The two presidents are currently holding their bilateral meetings. It is the first meeting between leaders of the two countries since the establishment of diplomatic relations between the two governments in 1962.



[caption id="" align="aligncenter" width="555"] Iran’s president (L) reviews the guard of honor with his South Korean counterpart at Sa’adabad Palace in Tehran on May, 2, 2016. (Photo by President.ir )[/caption]

They are expected to discuss a wide array of issues, ranging from energy, banking, and infrastructure to challenges in the Middle East and the Korean Peninsula. The two sides are expected to seal deals worth over €10 billion.

While in Tehran, the South Korean president is scheduled to attend a conference on promotion of Tehran-Seoul economic ties as well as investment in Iranian projects by South Korean companies.

South Korea has said it is eager to participate in Iran’s development projects and expand economic cooperation on communication technology, information, healthcare and culture.

World leaders have been visiting Tehran after the implementation of the nuclear agreement, dubbed the Joint Comprehensive Plan of Action (JCPOA), between Iran and the P5+1 group of countries in July 2015.

Iran and the five permanent members of the UN Security Council – the United States, France, Britain, China and Russia – plus Germany started to implement the JCPOA on January 16.

After the JCPOA went into effect, all nuclear-related sanctions imposed on Iran by the European Union, the Security Council and the US were lifted. Iran, in return, has agreed to put some restrictions on its nuclear activities.

South Korea has been a major importer of Iran’s crude oil. It sharply increased its crude oil purchase from Iran after the sanctions were removed.

By Press TV