Economy, Domestic Economy

S. Korean Delegation in Isfahan

S. Korean Delegation in Isfahan S. Korean Delegation in Isfahan

South Korean banks are ready to finance Isfahan’s subway and international conference center projects, the head of a Korean delegation that entered Isfahan on Saturday to attend Iran-Korea Economic Forum said.

“South Korean President Park Geun-hye is to arrive in Tehran on May 1 and will be discussing investment opportunities and enhancement of Tehran-Seoul bilateral ties. We are willing to cooperate with Isfahan Municipality in infrastructure, hardware and software projects. Iran-Korea relations will be based on financial support in the post-sanctions era,” Hanin Haddad added.

Isfahan Mayor Mehdi Jamalnejad said the city is open to investors and the private sector to help it exploit its full potential.

Speaking on the sidelines of the forum, Sung-Gwi Kim, head of Korea Maritime Institute, said his country is prepared to cooperate in ship construction and repair, fleet maintenance, port development, management of water resources and dam construction among other fields.

“We hope for Korean Investments in Iran to reach $10 billion within the next five years. The sanctions created obstacles to economic transactions. But now, with the sanctions removed, we are optimistic of undertaking more profitable interactions between the two sides,” Kim said.

South Korea is among the most developed countries in the fields of steel, automotive industries and agriculture. Bilateral trade stood at about $6.1 billion in 2015.