Baku, Azerbaijan, May 3
By Khalid Kazimov - Trend:
Iran and South Korea have signed a document for cooperation in constructing a part of Iran's Tehran Shomal Freeway.
South Korea's Daewoo and Iran's Tehran Shomal Freeway Co have signed the document on financing a part of the project, IRNA news agency reported.
According to the document, Daewoo will provide the project with finance worth at 1.3 billion euro.
The freeway plays a significant role in transportation as it is projected to shorten the transport route connecting the Caspian Sea to the Persian Gulf.
The move to sign the document came as part of South Korean President Park Geun-hye's ongoing visit to Tehran for the expansion of bilateral ties. Park Geun-hye arrived in Tehran with a large business delegation on May 1.
During the three-day official visit, the two countries have discussed several deals worth billion dollars for cooperation in various fields.
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.
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