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South Korea, Iran to sign 44 MoUs

Politics Materials 2 May 2016 11:32
Iran and Korea to sign 44 memoranda of understandings (MoU), Iran's Foreign Ministry's spokesman Hossein Jaberi Ansari said at a press conference in Tehran, Trend's correspondent reported.
South Korea, Iran to sign 44 MoUs

Tehran, Iran, May. 2

By Mehdi Sepahvand, Emil Ilgar - Trend:

Iran and Korea to sign 44 memoranda of understandings (MoU), Iran's Foreign Ministry's spokesman Hossein Jaberi Ansari said at a press conference in Tehran, Trend's correspondent reported.

South Korean President Park Geun-hye has arrived in Tehran on May 2.

Ansari said that South Korean president will visit Iran's Supreme Leader Ayatollah Ali Khamenei as well. Park Geun-hye is the first South Korean president who visits Iran.

The South Korean president is heading a large business delegation of over 230 executives during the three-day visit.

The two countries are expected to 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.

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.

South Korea is among the largest importers of Iranian oil.

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