Iranian, South Korean carmakers sign co-op document
Baku, Azerbaijan, May 3
By Fatih Karimov - Trend:
Iran's second major carmaker Saipa and the South Korean SK Networks company signed a memorandum of understanding (MoU) for forming joint venture.
Mehdi Jamali, managing director of the Iranian carmaker expressed hope that the joint venture will be established within one month, IRNA news agency reported May 3.
The implementation of this idea is a good investment opportunity which certainly will benefit both parties, Jamali said. He added that Saipa can allocate a certain part of its share in the car market to the joint venture.
Besides establishing the joint venture, Saipa Group and the Korean company will also cooperate in buying iron sheets as well as finance and investment.
The move came as part of South Korean President Park Geun-hye's ongoing visit to Tehran for the expansion of bilateral ties.
Geun-hye arrived in Tehran with a large business delegation on May 1. Park Geun-hye is the first South Korean president who visits Iran.
During the three-day official visit, the two countries have discussed several deals worth billion dollars for cooperation in various fields.