South Korean president visits Iran

Added On May 3, 2016

South Korean President Park Geun-hye has kicked off her visit to Iran. 
This is the first visit to the Islamic Republic by a South Korean head of state since the two countries established diplomatic ties in 1962.
President Park Geun-hye has become the first South Korean head of state to visit Iran since the two established diplomatic ties over half a century ago. 
Park arrived in Iran's capital Tehran on Sunday for a three-day visit. She's accompanied by a huge business delegation of over 230 executives.
During her stay, Park will meet with Iranian President Hassan Rouhani and other tops officials on how to boost ties and enhance economic cooperation. 
The two sides are expected to ink a number of deals worth an estimated 10 billion U.S. dollars. The agreements will cover energy, telecommunications, infrastructure, among others. 
As the world's fifth largest importer of crude, South Korea used to be one of the biggest buyers of Iran's oil, but imports plummeted as a result of sanctions.
With restrictions removed following a nuclear deal between Iran and world powers, Iran's oil exports to South Korea have increased fourfold. 
Trade between the two countries is currently at 6.1 billion dollars and the two side are seeking to boost that to 17.4 billion dollars.