South Korea is willing to make investment in Iran's railway projects, South Korea's ambassador to Tehran Park Jae-hyun said here on Tuesday.
During his meeting with the Iranian Road and Transportation Minister Hamid Behbahani, the Korean ambassador said that "the expansion of bilateral relations in road and transportation sector can have a big impact on increasing the overall volume of trade between the two states."
The two countries annual bilateral trade stands at $10 billion.
According to the official, South Korea is willing to cooperate in the Isfahan-Qom-Mashhad railway project.
"Iran has rich oil and gas reserves and is the fourth largest crude oil exporter to South Korea," Press TV quoted the South Korean diplomat as saying.
Stressing Seoul's decision to increase the volume of oil imports from Iran, Park described Iran as a good market for South Korean products.
The Iranian minister, for his part, welcomed foreign investments in Iran's road and transportation sector, saying peace and security are two important factors in attracting foreign investors.