Signing an MoU in Seoul on Monday, Iran and South Korea will run joint projects in Iranian medical sector.
The memorandum of understanding was signed by Saeed Oushani of Iran’s Investment Promotion Organization (IPO) and Yang Su Kim of the Export-Import Bank of Korea, also commonly known as the Korea Eximbank (KEXIM).
According to the MoU, KEXIM will provide $5 million finance for building hospitals and medication centers in Iran.
The negotiations for the agreement were started a year ago and it was paced up after a high-ranking South Korean delegation visited Tehran on August 24 and 25.
The signing ceremony was attended by Iranian ambassador to Seoul and the governor of KEXIM.
Iran is currently South Korea's third biggest export market in the Middle East. Companies such as Samsung and LG Electronics have continued business in Iran despite the sanctions.
Bilateral trade stood at just over $2.4 billion in 2014, with the balance largely in South Korea's favor. Transactions rose by 35% in the first five months of 2015, according to official figures.
Your Comment