Iran and Korea to sign 44 memoranda of understandings (MoU), Iran's Foreign Ministry's spokesman Hossein Jaberi Ansari said at a press conference in Tehran, Trend's correspondent reported. South Korean President Park Geun-hye has arrived in Tehran on May 2.
Ansari said that South Korean president will visit Iran's Supreme Leader Ayatollah Ali Khamenei as well. Park Geun-hye is the first South Korean president who visits Iran. The South Korean president is heading a large business delegation of over 230 executives during the three-day visit.
The two countries are expected to sign contracts worth $13 to $17 billion for cooperation in various fields including the construction of hospitals, dams, railways and power plants as well as petrochemical, crude oil, infrastructure and industrial projects.
Iran-South Korea trade turnover stood at $6.1 billion in 2015. The figure was $17.4 in 2011, Before Western countries imposed sanctions against Iran. South Korea is among the largest importers of Iranian oil.
