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Iran willing to create research & development center with South Korea

Business Materials 27 November 2019 09:17
Iran willing to create research & development center with South Korea

BAKU, Azerbaijan, Nov. 27

By Elnur Baghishov - Trend:

Iran is ready to expand cooperation with South Korea and create a joint research and development center in the industrial sector, Iranian Deputy Minister of Industry, Mine and Trade and Chairman of the Iranian Trade Promotion Organization (TPO) Hamid Zadboom said at a meeting with a special envoy of the president of South Korea, Trend reports with reference to the TPO website.

Zadboom said that Iran wants to join 21 Asian trade promotion organizations.

The deputy minister noted that the trade between Iran and South Korea has sharply declined after the US imposed sanctions on Iran.

Zadboom said that over the past seven months (March 21–October 22) of this Iranian year (began March 21, 2019), trade turnover between Iran and South Korea fell by 68 percent compared to the same period last Iranian year.

During the meeting, the special envoy of the president of South Korea said that South Korea intends to expand economic and trade relations with Iran.

The South Korean official proposed to hold the 12th meeting of the joint economic commission of Iran and South Korea early next year.

He added that the purpose of his visit to Iran was to develop trade relations and solve existing problems.

Last Iranian year (March 21, 2018-March 21, 2019), Iran’s exports to South Korea totaled $2.5 billion, while imports from that country totaled $2 billion.

The US imposed sanctions on Iran in November 2018 and expanded the list of sanctions in several stages.

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