TEHRAN – Private sectors of Iran and South Korea signed 10 memorandums of understanding (MOUs) on Sunday for mutual cooperation and technology transfer.

As IRNA reported, Iranian Deputy Minister of Industries, Mining and Trade Ali Yazdani, South Korean ambassador in Tehran Kim Seung-ho as well as representatives of 40 Iranian and nine South Korean small and medium enterprises (SMEs) attended the signing ceremony.

The MOU’s were signed between 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.

Speaking at the event, Yazdani who is also the head of Iran Small Industries and Industrial Parks Organization (ISIPO) said, “Considering Iran-South Korea close relations especially after removal of the west-imposed sanction on Iran, the two countries economic ties could grow to a much higher level than what currently is.”

Kim Seung-ho for his part noted that Iran-South Korea economic relations are limited to big industries while there is a great number of SMEs in both countries, cooperation among which can lead to deeper economic ties.

EF/MA