South Korea seeks business opportunities in Iran (The Times of Israel)

Iranian and South Korean officials are set to meet in the Islamic Republic this week to discuss possible oil, gas, and construction deals, following the signing of a nuclear agreement between Tehran and world powers last month, Reuters reported Sunday.

The agreement, reached between Iran and the United States, Russia, China, Britain, France and Germany on July 14, aims to curb Tehran’s nuclear program in exchange for billions of dollars in relief from biting economic sanctions.

South Korean Deputy Trade Minister Woo Tae-hee is set to visit Iran on Sunday and Monday, the ministry of trade, industry and energy said, according to Reuters. Tae-hee will be accompanied by officials from state-run oil, gas and resources firms, the report said.

“We plan to highlight the capability of our firms for major projects with which the Iranian government seeks to rebuild infrastructure, diversify industries and develop energy fields in the post-sanctions era,” a statement by the Korean government read.

Yoo Il-ho, the South Korean minister of land, infrastructure and transport, and a delegation of executives and officials from several public and private companies, are currently in Iran as well, the report said.

“The delegation will discuss possible deals and continue talks in the second half of this year, as we need to prepare for actual business deals to be made next year,” a source at South Korea’s energy ministry told Reuters.

The US Congress is set to vote next month on a resolution to determine whether to accept or reject the nuclear agreement with Tehran. However, US Secretary of State John Kerry has said that if Congress rejects the deal, the US will be unable to prevent allies from doing business with Iran.

You may also like...