Korean company to fund establishing township in Iran
By Aynur Karimova
The Korean companies show significant interest in participating in Iranian projects amid improvement in Iran’s relations with foreign countries and expectations on soonest lifting of sanctions.
South Korea will invest €900 million in the establishment of a township in Iran.
Iran’s Roads and Urban Development Ministry reported on October 12 that a preliminary agreement for signing a Memorandum of Understanding has already been made with the Korean Daelim Company.
The township of Kharazmi is projected to be established 50 kilometers southeast of Tehran on a land measuring 500 hectares in area.
The project was firstly introduced at the Transportation and Urban Development Summit, which was held in Tehran on October 3-4.
Iran is currently South Korea's third biggest export market in the Middle East. Companies such as Samsung and LG Electronics have continued business in Iran despite the sanctions.
Bilateral trade stood just over $2.4 billion in 2014, with the balance largely in South Korea's favor. Transactions rose by 35 percent in the first five months of 2015, according to official figures.
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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova
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