News ID: 126032
Published: 0741 GMT September 02, 2015

South Korea hopes to become Iran's major trade partner

South Korea hopes to become Iran's major trade partner

South Korea hopes that Iran will consolidate ties and become its major trade partner.

South Korean officials believe that conclusion of the Vienna deal and the removal of sanctions will lead to an increase in crude oil imports from Iran and Korean companies will thus be able to invest in various sectors of Iran natural resources.

South Korean Customs Office statistics indicate that Iran is the third major destination of its exports to the Middle East.

South Korean exports to Iran reached $4.2 billion in 2014 while Iran exported goods worth $4.6 billion to South Korea in the same year.

Upon return from Tehran, South Korean Deputy Trade Minister Woo Tae-hee told The Korea Herald on Wednesday that with the lifting of sanctions, crude imports from Iran will rise in view of its high quality and even good talks have been held to that end with Iranian officials.

The South Korean official visited Iran at the head of a high-ranking delegation in early August for talks with top Iranian economic officials.

The Korean official said the Iranian government has had very sincere and friendly cooperation with South Korean government and trade delegation.

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