Tehran, Seoul vow to boost trade, investment

May 2, 2016 - 18:41

TEHRAN - Iran and South Korea signed a couple of agreements to give a boost to the bilateral trade and investment between the two countries in different fields of economy.

Iranian Energy Minister Hamid Chitchian and South Korean Minister of Land, Infrastructure and Transport Kang Hoin signed an agreement in water and power sectors on Monday.


Based on the agreement, the two sides will expand cooperation in improving the utilization of water resources and consumption patterns, developing smart water management systems related to reservation, supply, and desalination, and enhancing safety management during earthquakes and heavy rainfall.


Chitchian also signed an agreement with Joo Hyung-hwan, the South Korean minister of trade, industry and energy, regarding the development of modern electricity industries.


The two sides agreed to cooperate in establishing high efficient thermal power plants and transmission lines, building smart power grids, and launching renewable energy joint projects.


Meanwhile, the two countries agreed on Monday to promote partnerships in science and technology, riding on South Korean President Park Geun-hye's landmark visit to Tehran, the Korea Times reported on Monday.


The Ministry of Science, ICT and Future Planning of South Korea said it signed a memorandum of understanding (MOU) with Iran's Ministry of Science, Research and Technology on "various research cooperation" in both the basic and applied science fields.


The two sides plan to launch a joint science-technology committee next year to discussion the details, it added.


The ministry will also update an MOU with Iran's Ministry of Information and Communications Technology (ICT) for closer ties.


South Korea signed the accord with Iran in 1990 before joining international sanctions against Tehran for its nuclear program.


"In the ICT sector, in particular, Iran was South Korea's key cooperation partner in the region before the economic sanctions," South Korea's ICT Minister Choi Yang-hee said.


The ministry will try to actively use Park's trip as an opportunity for South Korean advanced technology and ICT firms to tap into Iran, he added.


Also, South Korea and Iran signed a set of deals on bilateral maritime cooperation on Sunday, the KBS World Radio reported on Monday.


South Korea’s Ministry of Oceans and Fisheries said on Monday that the two sides signed a maritime agreement and an MOU calling for cooperation in port development and in the fisheries and maritime sectors.


The ministry said that the conclusion of the maritime deal comes 20 years after the two nations had initiated negotiations for the agreement in 1996 but suspended talks due to international sanctions against Iran. 

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