TEHRAN – A delegation of Small and Medium Business Administration (SMBA) of South Korea paid a visit to Iran, aiming to launch co-investments and joint ventures with Iranian partners.

The Korean delegation held a meeting with officials of the Iran Small Industries and Industrial Parks Organization (ISIPO) in Tehran, discussing ways to facilitate cooperation and share experience, the IRNA news agency reported on Wednesday.

The two sides agreed to sign a memorandum of understanding in the near future.

South Korea was the 13th leading importer of Iranian non-oil goods in the previous Iranian calendar year, which ended on March 20, 2015, according to the Iran Customs Administration.       

Iran exported $429.61 million of non-oil goods to South Korea and imported $4.309 billion of non-oil goods from the country.   

In the first six months of the current Iranian calendar year, Iran exported $57.11 million of non-oil goods to South Korea and imported $1.861 billion of non-oil goods from the country.   

Iran aims to be as competitive as possible to win back oil sales to South Korea if sanctions on Tehran are lifted, Iran’s ambassador to South Korea Hassan Taherian said in May.