South Korea to boost economic ties with Iran after lifting of sanctions

Reuters

20 January 2016 at 8:13 pm

SEOUL (Reuters) - South Korea will boost economic cooperation with Iran, it said on Thursday, after sanctions on Iran were lifted earlier this week. The Ministry of Trade, Industry and Energy said in a statement it will sign a $2 billion contract for trade insurance financing with Iran, while it will also restore Iran's eligibility to be a recipient country for its Economic Development Cooperation Fund. South Korea will also aim to establish a automobile assembly joint venture with Iran, the ministry said. South Korea and Iran are due to hold a government-level meeting in Tehran in late February. (Reporting by Christine Kim; Editing by Eric Meijer)

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