Following a visit from Iran by a high-profile Korean trade delegation, Mohammad Hassan Peyvandi, deputy head of National Petrochemical Company (NPC), said Iranian manufacturers have built up much strength ever since western restrictions were imposed on the country.
"The capabilities of Iranian manufacturers and vendors have improved a lot during the past decade and we have proposed Korean companies to manufacture parts in cooperation with Iranian industrialists," he said.
Pointing to a Sunday meeting between South Korean Minister of Land, Infrastructure and Transport Yoo il-Ho and Iranian Petroleum Minister Bijan Zangeneh in Tehran, he said, "Korea, like other Asian and European countries, has indicated its readiness to return to Iran's oil, gas and petrochemical market."
Prior to imposition of US-led sanctions on Iran, Korean companies operated in various engineering and equipment manufacturing sectors in the petrochemical industry of Iran, he further said.
"Certainly, the potentialities of foreign investment in Iran will be activated by removal of the sanctions," he added.
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