In a bid to revive Tehran-Seoul economic ties after the successful implementation of the JCPOA and removal of anti-Iran sanctions, South Korean Ministry of Trade, Industry and Energy (MOTIE) issued an official announcement voicing readiness to sign a $2 billion insurance deal with Islamic Republic of Iran.
The statement clarifies that the measure is to provide the financial provision to insure trade with the Islamic Republic of Iran to develop mutual ties and it even lets Iran to withdraw money from the economic development fund for cooperation.
Car manufacturing and assembly are the other areas that the statement hopes to be developed by joint investment cooperation with Iran.
Accordingly the economic officials of both countries are scheduled to meet in Tehran in late February to sign the relevant contracts.
Following the removal of anti-Iran sanctions, the Korean minister of trade, industry and energy urged the business and industry activist of the far-eastern country to measure the situation and act swiftly to take a share of Iran’s huge market.
YNG/IRN81929614
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