South Korea willing to invest in Iran: Official

Speaker of South Korea’s National Assembly says the country’s major companies are keen to make investments in Iran.

During a meeting with visiting Chairman of Iran’s Majlis National Security and Foreign Policy Committee Alaeddin Boroujerdi in Seoul on Thursday, Kang Chang-hee highlighted Iran’s role and position in the Middle East and voiced Seoul’s willingness to promote ties with Tehran in different sectors.

He also welcomed nuclear talks between Iran and the six world powers and the interim Geneva agreement reached between the two sides in November 2013, saying major South Korean companies are eager to be present and make investments in Iran’s market.

In January, the Korean news website, Chosun Ilbo, reported that South Korean companies are preparing to return to Iran’s market as the United States and the European Union are easing sanctions against the Islamic Republic following the Geneva deal.

According to the website, South Korea was Iran’s fourth trade partner until 2012, when the US ratcheted up sanctions against the Islamic Republic over its nuclear energy program.

Iran and the five permanent members of the UN Security Council – the United States, France, Britain, Russia, and China – plus Germany wrapped up their latest round of high-level talks aimed at reaching a comprehensive deal over the Islamic Republic’s nuclear energy program on April 9.

Under the Geneva deal, the six countries undertook to provide Iran with some sanctions relief in exchange for Iran agreeing to limit certain aspects of its nuclear activities during a six-month period.