South Korea dismayed with impacts of sanctions on trade with Iran

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Tehran, May 29, IRNA : South Korea said on Sunday that it was dismayed with dramatic impacts of the western sanctions on trade relations with the Islamic Republic of Iran.

Senior researcher for Korea Institute for Industrial Economics and Trade (KIET) said that affects of sanctions on Iran-South Korea trade ties were dramatic and that trade volume between the two countries which stood at 17.4 billion dollars in year 2011 fell down to 6.1 billion in 2015. Joo Dong Joo made the remarks at the fourth forum of Iran-South Korea cooperation at the venue of Institute for Commercial Research Studies in Tehran on Sunday. He said that South Korea failed to proceed with investment in Iran after year 2012, because of the sanctions, but, they are hopeful to augment economic cooperation and make it three folds after the sanctions have been lifted. He said that South Korea was the sixth world big exporter in year 2014 and was among pioneer industrial producers. Joo said that the first joint investment between the two countries was between Iran and South Korea oil companies in year 1976. He said that economic cooperation between Iran and South Korea was already limited to energy, construction and trade, but, there are currently operating in plenty of grounds.