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More S. Korean Businesses to Join Park in  Iran Visit
Economy, Domestic Economy

More S. Korean Businesses to Join Park in Iran Visit

More businesses are signing up to joint South Korean President Park Geun-hye during her upcoming visit to Iran.  Seoul said on Wednesday 236 South Korean entrepreneurs and business group leaders will accompany the president, according to Yonhap news agency. South Korean industry sources say the number will likely grow to over 300. According to South Korean newspaper The Chosun Ilbo, the list released by the South Korean Ministry of Trade, Industry and Energy involves representatives of 38 large groups and companies, including Samsung Electronics Co., Hyundai Motor Co., and 146 small- and medium-sized firms.  It also contains representatives of 50 trade associations and two hospitals, led by Kim In-ho, chairman of the Korea International Trade Association, and Huh Chang-soo, leader of the Federation of Korean Industries.  Seoul hopes the visit will yield $10 billion worth of business projects—”by far the biggest onslaught of Korean executives during any state visit.” Park is scheduled to visit Iran from May 1 to May 3 to discuss ways of bolstering bilateral cooperation following the removal of sanctions against Iran earlier this year.  The business delegation will participate in a business forum and an investment fair to meet local buyers. The construction sector is expected to grab the limelight during the business negotiation in Tehran. In fact, construction shares in the South Korean stock market rallied on hopes of big development deals during Park’s visit.  Hyundai Engineering & Construction rose 1.9% and Daelim Industrial gained 0.91% on Monday trade. The positive movement was in contrast to the overall sentiment at the stock market, as the benchmark Korea Composite Stock Price Index retreated 3.7 points to 2,011.79. 

 

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