Iran and South Korea Sign a 5 Billion Euro Memorandum of Understanding

Iran's Minister of Economy states that a 5 billion euro memorandum of understanding has been signed between Tehran and South Korea, and the President of South Korea is scheduled to visit Iran in the upcoming month of Ordibehesht (May). Ali Tayebnia, on Esfand 9 (February 28), following a meeting with Yoon Sang-jick, South Korea's Minister of Trade, Industry and Energy, told reporters that his South Korean counterpart has expressed interest in engaging in Iran's automotive, oil, gas, and tourism industries. According to Mr. Tayebnia, the Export-Import Bank of South Korea has previously taken on financing various projects worth 8 billion euros in an agreement with Iran. He added that South Korea is set to cover nearly 15 billion dollars in total for 'production projects' in Iran. According to the Iranian Minister of Economy, Ms. Park Geun-hye, the President of South Korea, is also expected to visit Iran in the upcoming spring, and this visit will play a significant role in developing cooperation between the two countries, especially in investment in Iran. According to South Korean media, Iran was a key market for South Korea in the Middle East until 2010, when nuclear sanctions intensified. The 'Korea Times' reports that Iran's population of 80 million and its large market have attracted considerable attention. With the onset of a declining population growth rate in South Korea since 2017, the country's economy will face more challenges, and thus the opportunity arising from the nuclear agreement may once again increase trade relations between Seoul and Tehran. South Korea is also one of the most important buyers of Iranian oil.