Rouhani Receives S Korean President: Time Ripe for Investment in Iran

Local Editor

Iranian President Hassan Rouhani confirmed that there is suitable ground for foreign investment in Iran as he receives his South Korean counterpart Park Geun-hye in Tehran.

President Park was accorded an official welcome in Tehran on Monday on the first day of her three-day visit, heading South Korea's biggest-ever traveling business delegation of over 230 executives.

The two presidents then sat for their first meeting since the establishment of diplomatic relations between the two countries in 1962.

They were expected to discuss a wide array of issues, ranging from energy, banking, and infrastructure to challenges in the Middle East and the Korean Peninsula. The two sides are also expected to seal deals worth over €10 billion.

Park is scheduled to attend a conference on promotion of Tehran-Seoul economic ties as well as investment in Iranian projects by South Korean companies.

South Korea has said it is eager to participate in Iran's development projects and expand economic cooperation on communication technology, information, healthcare and culture.

South Korea has been a major importer of Iran's crude oil. On Sunday, Minister of Petroleum Bijan Zangeneh said Iran's oil exports to South Korea have more than quadrupled to 400,000 barrels a day since sanctions were lifted in January.

Iran, whose exports to South Korea were less than 100,000 barrels a day before sanctions were lifted, has since worked to quickly boost its output. It has focused on selling to its traditional customers in Asia, but has also shipped cargoes to Europe.

According to data from Energy Aspects, global imports of Iran's crude rose in March to 1.90 million bpd, from 1.51 million bpd in February.

Zangeneh also said Iran and South Korea were working to resolve difficulties in transferring payments for the oil sales.

World leaders have been visiting Tehran after the implementation of the nuclear agreement, dubbed the Joint Comprehensive Plan of Action [JCPOA], between Iran and the P5+1 group of countries in July 2015.

In a message on his Instagram account on Sunday, President Rouhani said Iran is open to foreign investment.

"Our economy will not get well unless we are able to attract investment," he said.

He further added: "Today, these conditions have been provided and the leaders which travel to Iran bring with them representatives of scores of important trading companies."

Source: News Agencies, Edited by website team