The 8th Session of the Tehran-Seoul Joint Economic and Technical Commission opened in Seoul on last Thursday with high hopes of increased bilateral cooperation between the two countries, reported the Islamic Republic News Agency (IRNA).
During the period of January and August of this year, trade between Iran and South Korea valued more than $2.5 billion, up $200 million for the same period last year. A high ranking Iranian official told IRNA that trade between the two countries is expected to top $3 billion by years end.
Much of the discussion involves the transfer of technology, increased investment, and energy cooperation. Preparation is under way for further South Korean activities in projects tendered during the Tehran Housing and Urban Development Conference held earlier this month, in which $8 billion worth of construction projects were tendered to both the domestic and international markets. Development projects not associated with the tendering process are also up for discussion.
Other points of discussion are the establishment of an Iranian bank in South Korea and direct flights between Seoul and Tehran. The session is being chaired by Iran’s Industries Minister Gholam-Reza Shafeie and South Korean Trade Minster Han Dak Su. — (Albawaba-MEBG)
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