News ID: 240148
Published: 0355 GMT March 12, 2019

South Korean investor: Iran capable of putting sanctions behind

South Korean investor: Iran capable of putting sanctions behind

The representative of a South Korean investing company in Saveh said given its developed infrastructure, strong human and natural resources, Iran is capable of putting US sanctions behind.

Iran is a suitable partner for South Korea in economic and commercial ties, said William Chang, the managing director of Parsam Rabber Pharmod Company, IRNA reported.

He added that there is a serious desire to increase trade and expand bilateral economic relations.

The South Korean company official said the goal of the presence of South Korean manufacturing companies in Iran is not direct export of goods from South Korea to Iran, but to indigenize South Korean products in Iran.

The next step is to invest in the production of medical packaging products to the needs of the Iranian market in Saveh, he said.

In November 2018, South Korea said it has concluded a deal with Iran to use local currencies in mutual trade between the two countries instead of the US dollar.

According to Yonhap News Agency, the two countries "will restart the won-based settlement of bilateral trade transactions" using the accounts of the Central Bank of Iran at two South Korean banks of Woori Bank and the Industrial Bank of Korea.

"It's expected to provide South Korean firms with more opportunities for the trade of non-sanctioned items such as medical products, processed food and home appliances, although the exports of some products including steel and automobile parts will be affected by the sanctions," Yonhap quoted an anonymous informed source as saying.

The move came after the US announced that it had reimposed all Iran sanctions following Trump’s withdrawal from Joint Comprehensive Plan of Action (JCPOA) that had nuclear-related sanctions in 2015. The JCPOA was signed between Iran and the five permanent members of the Security Council – the US, Britain, France, Russia and China – as well as Germany.

   
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