South Korea has been a major importer of Iran’s crude oil. It sharply increased its crude oil purchase from Iran after the nuclear-related sanctions were removed under last year’s nuclear agreement between Tehran and the P5+1 group of countries.
Seoul is eager to participate in Iran’s development projects and expand economic cooperation to communication technology, information, healthcare and culture.
This comes in a series of visits by world leaders to Tehran after the implementation of the nuclear agreement.
President Hassan Rouhani said earlier the two states are set to boost their trade volume from the current six billion dollars to $30 billion as he met his South Korean counterpart Park Geun-hye in Tehran in early May.
Heading South Korea's biggest-ever traveling business delegation of over 230 executives, President Park paid a three-day official visit to Iran on May 2.
Iranian and South Korean officials signed 19 memorandums of understanding at the time.
The deals are meant to boost bilateral collaborations in a range of fields, from maritime transportation to cultural and academic issues.
Other MoUs were also on cooperation in the oil, gas and petrochemical industry, management of water resources, technological interaction, medical fields and banking ties.