Tehran, Seoul Sign MoUs for Technology Transfer

Iranian and South Korean private companies signed 22 memorandums of understanding late on Sunday at Tehran’s Milad Tower for the South Korean side to transfer technology to Iran in the fields of thermal insulation, solar panels, alternative energy, lithium batteries and electric engines.

Iran and South Korea had signed dozens of MoUs this year on transfer of technology in a wide range of fields, including but not limited to parts manufacturing, fishery, beekeeping, fertilizers, casting, oil and gas, IRNA reported.

South Korea is among Iran’s major trade partners. Iran exported $2.87 billion worth of goods and imported $3.46 billion to and from South Korea in the last Iranian year (March 2016-17), the Islamic Republic of Iran Customs Administration reported.