TEHRAN (IRNA) -- Head of Iran's Organization of Investment, and Economic-Technical Aid, Mohammad Khazaii, and Head of South Korean Agency for Encouragement of Investment and Trade, Ki-Hwa Hong, in a meeting on Saturday signed a memorandum of understanding (MOU) on formation of a joint investment committee.

At the meeting, which was attended by a number of Iranian and South Korean economic officials, exchange of regular visits was underlined.

It was decided to hold the first joint investment committee meeting in South Korean capital Seoul next October.

Meanwhile, the proposal to hold an investment conference simultaneously with participation of investors and members of the trade and investment community of both sides was approved.

Turning to Iran's capacities and potentials in the economic field, Khazaii said that the present level of bilateral economic relations is favorable but insufficient.

"At present, Iran-South Korea economic relations are restricted to trade. However, given Iran's economic potentials and its efficient manpower, the two countries should attempt to base their economic ties on investment and production," he added.

For his part, Hong referred to investment of dozens of billions of dollars by South Korean companies in other states and declared his country's readiness to assess the capacities and investment opportunities in Iran.

He pointed to the mutually inked agreement on formation of Iran-South Korea investment committee as a significant measure towards expansion of economic exchanges between the two sides and joint investment.