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Saturday, 13 February 2016 10:04

Seoul to finance South Korean firms' projects in Iran

Seoul to finance South Korean firms' projects in Iran
The South Korean government has promised to provide financial support to companies willing to invest in Iran which is emerging from isolation.

“Government-wide assistance will be offered so businesses can gain access to the resource-rich country,” Minister of Trade, Industry and Energy Joo Hyung-hwan said.

He was speaking to a group of senior executives from Hyundai Motor Co., LG Electronics Inc., Daelim Industrial Co. and other South Korean companies planning to do business in Iran.

South Korea lifted sanctions against Iran last month after Tehran’s landmark nuclear accord reached in July 2015 with 5+1 group went into effect.

Joo said a high-ranking business delegation will travel to Tehran soon to explore opportunities for renewed cooperation.

“To promote trade and investment, Seoul is committed to maintaining the current Korean-won based settlement of accounts system while adding other forms of exchange using different foreign currencies,” he said, adding, “The euro and Japanese yen can be used in tandem with the won to settle accounts.”

Joo said South Korean companies would set up joint ventures with Iranian partners and reach technical transfer deals in such sectors as car manufacturing, petrochemicals and steel production.


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