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S. Korea, Iran hold business forum

All News 20:43 February 29, 2016

TEHRAN, Feb. 29 (Yonhap) -- More than 500 South Korean and Iranian businesspeople held a forum here Monday designed to promote trade and other economic cooperation.

The event was held on the sidelines of the 11th joint economic committee meeting to open this week.

It was co-hosted by the Korea International Trade Association and Korea Trade-Investment Promotion Agency.

South Korean participants included Samsung Electronics, Daewoo International and GS E&C.

It also drew more than 200 officials from the Organization for Investment Economic and Technical Association of Iran, National Iranian Oil Company and other Iranian firms.

Joo Hyung-hwan, South Korean minister of trade, industry and energy, said, "South Korea will push for partnership and cooperation with Iran from a long-term perspective."

He cited three major fields: Iran's campaign to restructure its industry, the nation's efforts to improve welfare services including healthcare and education, and the joint development of social overhead capital.

In one of close to 300 potential deals discussed, POSCO Energy Co., a unit of South Korea's top steelmaker POSCO, signed a memorandum of understanding with Iranian steelmaker PKP to build an off-gas power plant in the Middle Eastern country.

POSCO Energy signed the preliminary deal to build the 500-megawatt power plant that uses byproducts from the steelmaking process in Iran's Chabahar free economic zone.

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