Korean pres., biggest trade team due in Iran

South Korea’s president heads to Iran on Sunday in a landmark visit targeting billions of dollars of economic and energy deals.

A presidential spokesman said Park Geun-hye will help establish a “foundation of cooperation” with Iran by becoming the first South Korean president to visit Tehran since the nations established diplomatic ties in 1962.

"We expect the trip to serve as an important opportunity for us to develop bilateral cooperation since the international community's sanctions on Iran were lifted in January," South Korea's presidential house said.

Park will be accompanied by Seoul’s biggest-ever traveling business delegation of over 230 executives during the three-day visit. Local reports suggested the two countries are expected to seal deals worth $10 billion.

She will meet Iranian President Hassan Rouhani on Monday and possibly hold talks with Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei.

Officials in Seoul say the primary purpose of the visit is economic as Korean companies eye deals in areas such as construction, autos and electronics.

An Iranian deputy energy minister said Korean companies are about to cooperate on building power plants in Iran through technology transfer and financing of projects.

Alireza Dayemi said serious negotiations have been held with the South Korean sides to finance construction of dams and hydropower plants, using Korean technology.

SS