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South Korean Company Invests in Iran's Chemical Industry.

TEHRAN (FNA)- A leading South Korean company made a huge investment in Iran's chemical industry.

South Korea's Teekay Chemical Corporation, which produces spandex fiber, has invested $70 million in Iran to sell its products produced in Iran to the Middle East markets.

The corporation announced that construction of spandex factory will start soon and it is expected to open in 2019.

Teekay Corporation entered Iranian market in 2001 and boosted its exports to Iran to 2,800 tons from the previous 150 tons last year.

In early May, Tehran and Seoul signed 32 agreements to broaden their trade and economic cooperation.

A sum of 13 new memoranda of understanding (MoUs) were concluded between the private sectors of Iran and South Korea in the presence of the two countries' presidents on May 3.

The MoUs included mutual cooperation between Iranian and South Korean chambers of commerce, construction of 500-megawatt power plants in Zanjan, Neyzar and Bafq, development of the second section of phase 12 of South Pars gas field and construction of Ahwaz-Isfahan railway.

Also on May 2, Tehran and Seoul signed 19 cooperation pacts to further develop bilateral relations.

The MoUs were endorsed in Tehran in the presence of Iranian President Hassan Rouhani and his South Korean counterpart Park Geun-hye.

The documents are aimed at broadening cooperation between Tehran and Seoul in the fields of maritime transport, infrastructural fields, oil, natural gas, petrochemicals, water resources, electrical energy, new energy industry, education, technology, culture, health, insurance and legal assistance.

President Park, heading a high-ranking economic-political delegation, arrived in Tehran on May 1 for talks on trade and economic cooperation.

She was accompanied by a 236-member delegation consisting of various cabinet ministers and a high-level business entourage.

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Publication:FARS News Agency
Geographic Code:7IRAN
Date:May 11, 2016
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