News ID: 194556
Published: 0232 GMT June 11, 2017

Envoy: South Korea keen to boost trade with Iran

Envoy: South Korea keen to boost trade with Iran

South Korean Ambassador to Iran Kim Seung Ho called for the further expanding trade relations between Seoul and Tehran.

"Iran is the main supplier of crude oil to South Korea and without Iran's oil, Korean economy will be shaky," Kim was quoted as saying by Fars News Agency.

The South Korean ambassador said that when the new president takes office in South Korea, there would be no changes in trade policy concerning Iran, adding, "Our mutual cooperation will be promising in the new government."

He added, "Our strategy for development of ties with Iran is based on restoration of trade relations, which were decreased to less than one third during the unilateral sanction imposed against Iran by the West."

Second, trade balance is another axis, now South Korea is importing 95 to 98 percent of its consuming oil, so if "we decide to import oil from another country, what will happen?" he asked.

In relevant remarks in early February, Managing Director of the Export Development Bank of Iran (EDBI) Ali Salehabadi announced that South Korea has opened a Line of Credit (LC) worth €100 million for Iran.

"This credit line will be used for importing raw materials manufactured in Iran," Salehabadi said.

He noted that South Korea has opened the line of credit for its businessmen.

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