Code: 1075367 A

Head of the Iran-South Korea Joint Chamber of Commerce Mr. Hossein Tanhaei says the trade between Iran and South Korea has reached its lower level in the past 15 years.

Speaking to ILNA, Tanhaei said that sanctions and freezing Iran’s assets have affected the trade ties between Iran and South Korea as the trade volume is currently in its lowest level in the past 15 years.

On the fate of Iran’s frozen funds in South Korea, he said South Koreans most probably would return the money via banks of Woori and IBK, adding that some portion of the money will be paid through purchasing goods and some would be in cash.

He went on to say that based on the recent talks with Seoul, it seems the problem of the frozen assets would be resolved soon and it had direct relation with the result of the nuclear talks in the JCPOA.

Tanhaei noted that South Koreans are trying to keep their relations with Iran and they are planning for Iran’s frozen assets but it is still unknown how they would return the money.

He reiterated that Iran has asked South Korea to return its money in cash or if they want to give goods, it is better they do not give made goods and instead they give us industrial or medical equipment. He admitted that Koreans are still silent on it but it seems they want to give goods in exchange for the money.

Tanhaei added that Iran has received medical products in exchange of some part of its money and it is ready to vaccine in exchange of the remaining part of the money.

He expressed hope South Koreans give Iran medical, petrochemical and chemical equipment which will help the country to have better investment for the future.

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JCPOA South Korea 2015 nuclear deal Iran’s frozen funds
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