TEHRAN – Representatives from private sectors of Iran and South Korea signed 22 memorandums of understanding (MOUs) in Tehran on Sunday to expand cooperation in technology transfer areas.

The MOUs were signed during the 4th Iran-South Korea Small and Medium Enterprises (SMEs) Technology Matching Conference, which was attended by officials from both sides along with managers of eight South Korean and 50 Iranian companies, IRNA reported.

Production of heating and cooling insulations, solar panels, renewable energies, lithium batteries and electric engines were among the fields agreed upon by the two sides.

Addressing the ceremony, the head of Iran Small Industries and Industrial Parks Organization, Sadeq Najafi, said Iranian SMEs should benefit from South Korean expertise and knowledge and the government should pave the way for their activities.

In July, Iranian and South Korean SMEs active in various areas including fisheries and marine environment, beekeeping, oil and gas, biological fertilizers, car spare parts manufacturing, as well as die casting signed 10 MOUs to expand bilateral cooperation.

South Korea is Iran’s fifth biggest trading partner after China, the UAE, Iraq and Turkey. About 6.5 percent of Iran's total non-oil exports is shipped to the Asian country. 

Iran exported 6.6 million tons of non-oil goods, worth $2.87 billion to South Korea in the previous Iranian calendar year (March 2016-March 2017) while imported 1.5 million tons of non-oil goods, worth $3.46 billion from the country, according to Iran’s customs administration.

Photo Caption: Representatives of two Iranian and South Korean companies signing one of the MOUs in Tehran on Sunday.

EF/MG