Iran, S. Korea to Form a Joint Venture Committee

Iran and South Korea on Saturday signed an agreement to form a joint investment committee, Iranian Economic Affairs and Finance Ministry said. The agreement was endorsed by the Director General of Iran’s Investment and Economic and Technical Aids Organization, Mohammad Khaza’ee, and the head of South Korea’s Agency for Encouraging Trade Investment, Hung.

During the ceremony, the Iranian and Korean officials stressed the need for regular meetings in Tehran and Seoul, and concluded to hold the summit of the two countries’ joint investment committee in the South Korean capital city of Seoul next October.

The two sides also agreed to arrange collateral meetings under the title of investment to be attended by the Iranian and Korean investors and members of the trade and investment community.

Also during the meeting, the Director General of Iran’s Investment and Economic and Technical Aids Organization pointed to the potentials and capabilities available in Iran’s economy, and viewed the two countries’ economic ties as good but insufficient.

He reminded that economic relations between the two states are currently restricted to trade areas, and called on both sides to pay due attention to investment and production-based economic relations, given the manpower, human and economic potentials existing in Iran.

The official continued, “Today, the world of trade is under the influence of political issues, meaning that political instabilities can leave impacts on the trade interests of countries. But investment in the services and production sectors secures sustainable and long-term interests for the countries.”