Economy, Domestic Economy

Iran Seeks Long-Term Commitment From S. Korean Firms

Iran Seeks Long-Term Commitment From S. Korean FirmsIran Seeks Long-Term Commitment From S. Korean Firms

Iran is seeking a long-term commitment from South Korean firms to invest in the Middle Eastern country as it puts behind western sanctions and strives for sustainable growth, Tehran’s envoy in Seoul said on Thursday.

In an interview with Yonhap News Agency, Hassan Taherian also said Iran wants South Korean companies to stay for the long haul and said joint investments could help businesses secure active roles down the road.

He said that this form of approach is necessary because the Iranian market today is not the same as it was before.

“Iran is now a competitive market with many companies aggressively seeking to make inroads and start businesses following the lifting of sanctions,” the envoy said.

Seoul joined the West in imposing sanctions from 2010 onwards and joined others in ending the embargo last month.

Taherian pointed out that in the crude and gas sector alone, Iran is pursuing 50 new projects, which could be worth $185 billion over the next five years.

On the issue of South Korea’s No. 1 steelmaker POSCO wanting to build a mill in Iran, the ambassador said the Iranian government has a positive approach toward this company which it thinks can transfer new technology in the steel industry to Iran.

He said Iran wants POSCO to actively play a part by engaging in attractive projects that will benefit all sides.

On Iran’s oil production target, Taherian said the country wants to push up exports of its fossil fuel resources to levels before the sanctions took effect, and that it wants to regain its previous status as an oil exporting country.

The ambassador, however, made clear that the country will operate under the standards set by the Organization of Petroleum Exporting Countries.

On the prospects of Iranian firms making inroads into South Korea, Taherian said after the sanctions went into effect, many Iranian companies were privatized and the government welcomes such companies to make investments into other countries.