Ambassador: South Korea revs up efforts to restore Iran ties

South Korea is revving up efforts to restore economic ties with Iran as the resource-abundant Middle East state is generating fresh business opportunities following the lifting of international sanctions earlier this year, its top envoy to Tehran said Wednesday, AVA Diplomatic reports.

In a meeting with reporters in Seoul, Kim Seung-ho said that South Korean government officials and businesses are striving to regain some of the lost ground in the increasingly competitive Iranian market with a population of 80 million.

‘International attention is focused on Iran as it boasts rich resources and a large population. Thus, many countries are scrambling to gain the upper hand in the market after the sanctions were scrapped,’ the envoy told reporters.

‘The Korean government and businesses are also striving to restore ties with Iran with a sense of crisis and anxiety as competition heats up to capitalize on the business opportunities in Iran.’

Lobbies of major hotels in Tehran are crowded with foreign tourists, with exhibition centers brimming with businessmen scurrying to court their Iranian partners, Kim added, noting the country’s transition into a highly lucrative business destination.

As China, Japan, Russia, Germany and other countries have beefed up diplomacy with Iran to advance economic interests, South Korea has also made a flurry of diplomatic efforts to enhance cooperation.

South Korea’s top diplomat Yun Byung-se visited the country in November — for the first time in 14 years as a foreign minister. Less than three months later, Trade Minister Joo Hyung-hwan also visited Tehran with a large business delegation.

‘The two countries are also in talks over President Park Geun-hye’s trip to Iran,’ Kim said. He did not elaborate on when Park will travel to the country.

Trade between Korea and Iran dipped to $8.6 billion in 2014 — less than half the volume recorded in 2011.

Touching on Iran’s deep historical and cultural background, the ambassador highlighted the importance of developing a ‘multifaceted’ bilateral relationship — rather than focusing wholly on the economic dimension.

‘Rather than pursuing a unitary business-centric partnership, I think developing the various facets of our partnership is important given that Iran has great potential in terms of human resources, and its cultural and historical assets,’ he said.