World Business and Economic Analysis
World Business and Economic Analysis
South Korean President Park Geun-hye, accompanied by five ministers and a 300-member economic mission, is due to visit Iran in early May, according to director general of International Affairs Office at Korea International Trade Association KITA, Hakhee Jo. “Ten memoranda of understanding are expected to be signed during the trip,” Iran Chamber of Commerce, Industries, Mines and Agriculture’s news service quoted the South Korean official as saying during a meeting with the chamber’s deputy for international affairs in Tehran last week. Park would be the first South Korean president ever to visit Tehran. In late February, Korean Minister of Trade, Industry and Energy Joo Hyung-hwan led 250 delegates from 100 South Korean companies during a two-day visit to Iran and attended the South Korea-Iran Business Forum organized by KITA. During the trip, Tehran and Seoul signed a finance agreement based on which South Korean trade insurance corporation K-Sure pledged to invest up to $5 billion in Iran’s development projects.
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Foreign ministers of Group of Seven (G7) hailed nuclear deal between Iran and Group 5+1 known as Joint comprehensive Plan of Action (JCPOA), describing it as the strong cornerstone of diplomacy in the world.
Two-day meeting of G7 opened on April 10 in Hiroshima and ended last night after releasing a statement.
In the statement, G7 member states voiced their support to outcomes of JCPOA, hoping that all parties would adhere to their commitments.
JCPOA is in fact revealed that the countries are committed to the international and Non-Proliferation Treaty Regulations and are striving for a world without such weapons.
JCPOA has now turned into a strong cornerstone for active diplomacy and using negotiations for solving international problems, the statement said.
Underlining the countries right to peaceful nuclear energy, foreign ministers called on the industrialist countries to observe International Atomic Energy Agency's regulations and cooperate with the UN nuclear agency.
The G7 is a group consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States which represent 50 percent of global economy.
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Taiwan government announced it has been lifted visa restrictions for Iranian applicant to travel to the Asian island, furthermore, it will have been increase oil purchase from Iran.
Taiwanese commercial representative in Dubai as well announced the Asian government wants to increase its oil purchase from Iran.
According to the letter Taiwanese oil purchase from Iran in the current year had a 27% growth , a Taiwanese public giant oil company, and Formosa Plastic, another giant company, have been decided to augment their oil purchase from Iran to 14 m barrels in year from currently 11 m barrels.
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