Iran, South Korea ink €5bn deal

News ID: 3569104 -
TEHRAN, Feb. 29 (MNA) – Economy minister has announced the reaching of a preliminary agreement between Iran and South Korea worth five billion euros.

Following a meeting with South Korean Minister of Trade, Industry and Energy Joo Hyunghwan on Sunday in Tehran, Iranian Minister of Economy and Finance Ali Tayeb Nia said “the upcoming visit of the South Koran president to Iran will exert positive influences on boosting bilateral ties particularly with regard to making investments in the country.”

The official noted that both countries are eager to bolster collaborations adding “today, an initial Memorandum of Understanding worth 5 billion euros was sealed between Iran and South Korea.”

“Previously, an eight-billion-euro agreement was signed with Export-Import Bank of Korea, also commonly known as the Korea Eximbank (KEXIM), to finance several Iranian projects,” continued Tayeb Nia.

Economy minister went on to note that “South Koreans have agreed to undertake a total of approximately 15 billion dollars of financing for implementation of Iranian production plans.”

“During today’s meeting with South Korea’s minister of trade, he expressed his country’s eagerness to participate in Iran’s automaking, oil, gas and tourism industries,” Tayeb Nia concluded.

 

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