Update: Iran, S. Korea to boost trade to 18 bln USD: Rouhani

President Hassan Rouhani said here Monday that Iran and South Korea are planning for a threefold increase in their bilateral trade turnover.

The plan for the boost of ties is from current level of six billion U.S. dollars to 18 billion annually, Rouhani said in a ceremony that saw the signing of cooperation agreements between his administration and that of South Korea.

In a meeting with his visiting South Korean counterpart Park Geun-hye in Tehran on Monday, Rouhani expressed willingness for the investments of the South Korean firms in Iran and the transfer of technology to the Islamic republic.

He pointed to the existing banking issues between Tehran and Seoul, saying that both countries should develop banking relations as a means to expand ties and enhance trade relations to the strategic level.

Seoul and Tehran also agreed to cooperate in tourism sector, and South Korean firms will develop Iran's tourism infrastructure and invest in constructing hotels, he added.

As for the regional and international issues, Rouhani said that Iran is against the production and use of weapons of mass destruction in the world, particularly in the Korean Peninsula and the Middle East.

Iran wants security, peace and stability for Korean Peninsula, he added.

On Monday, Iran and South Korean signed 19 agreements of cooperation to boost ties in diverse areas.

Based on the agreement, both countries will cooperate in maritime transportation and the relevant infrastructure. Tehran and Seoul will also expand their level of cooperation by jointly working on energy industry and petrochemicals.

Water resources, electrical and new energy industry development, aquaculture, education and technology, culture, ports developments, health and insurance are other areas that both countries agreed to cooperate.

On Sunday, National Iran Gas Exports Company and the Korean Gas Corporation signed a memorandum of understanding (MoU), under which Iran will export liquefied natural gas to South Korea, and the two countries will cooperate on exchanging related experiences in the gas industry.

Park's visit to Iran's capital Tehran, started on Sunday, is aimed at the talks on bilateral ties and economic cooperation as well as regional and international issues.

A delegation of over 230 businessmen accompanying Park is expected to sign more documents of cooperation with their Iranian partners.

According to the reports, Iran-South Korea trade value stood at six billion U.S. dollars at the end of 2015, two times lower than the turnover in 2011, as a result of western sanctions against Iran over its nuclear program.

However, the nuclear agreement reached between the world powers and Iran in July 2015 has raised hopes here to reengage Iran with the global economy. Enditem