South Korean Delegation Arrived in Iran for Trade Talks

South Korean Delegation Arrived in Iran for Trade Talks
Sun Aug 23, 2015 14:54:11

A high-ranking South Korean delegation arrived in Tehran on Sunday to discuss new business opportunities in the country following the conclusion of nuclear talks between Iran and world powers, media reports said.

South Korean Deputy Trade Minister Woo Tae-hee, heading the delegation, is visiting Iran on Sunday and Monday to hunt out possible deals in the oil, gas and construction industries, Reuters reported.

Woo Tae-hee is accompanied by officials of his ministry and state-run oil, gas and resources firms, the report added.

“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,” the ministry of trade, industry and energy said in a statement.

South Korean minister of Land, Infrastructure and Transport Yoo Il-ho is also visiting Iran, as well as Algeria and Malta, from August 21 to 29, the ministry has said.

According to the report, the delegation will discuss possible deals and continue talks in the second half of this year as the Islamic Republic is now on the cusp of economic boom following the July 14 nuclear agreement.

After the conclusion of diplomatic talks between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14 in Vienna, foreign countries and companies are rushing to rekindle business with the Islamic Republic.

Dubbed the Joint Comprehensive Plan of Action (JCPOA), the deal would subject the parties to comply with a series of commitments, resulting in the termination of sanctions on Iran in exchange for certain restrictions on Tehran’s nuclear program during a defined period of time.

Experts believe that Iran’s economic growth would rise remarkably after the final nuclear deal takes effect.

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