Baku, Azerbaijan, Apr. 28
By Fatih Karimov - Trend:
South Korean President Park Geun-hye is scheduled to travel to Iran on May 1, heading a big trade delegation.
A 236-member trade delegation of businessmen and entrepreneurs will accompany Geun-hye in her three-day visit, IRNA news agency reported Apr. 28.
The business delegation, which is the largest ever, includes representatives from 38 big companies including Samsung Electronics and Hyundai Motor as well as heads of 146 medium and small companies and institutions.
It is expected that during the visit, the two countries will sign contracts worth $13 to $17 billion for cooperation in various fields including the construction of hospitals, dams, railways and power plants as well as petrochemical, crude oil, infrastructure and industrial projects.
Park is set to meet with her Iranian counterpart, Hassan Rouhani, on May 2, the first meeting between the leaders of the two countries since the two sides established diplomatic relations in 1962.
Iran-South Korea trade turnover stood at $6.1 billion in 2015. The figure was $17.4 in 2011, Before Western countries imposed sanctions against Iran.
The sanctions removed last January following a nuclear deal signed between Tehran and the six world powers last year.
South Korea plans to increase its oil imports from Iran to 285,000 barrels per day in 2016 from 115,000 in last year.