South Korea To Boost Economic Ties With Iran After Lifting Of Sanctions

South Korea will boost economic cooperation with Iran, it said on Thursday, after sanctions on Iran were lifted earlier this week.

The Ministry of Trade, Industry and Energy said in a statement it will sign a $2 billion contract for trade insurance financing with Iran, while it will also restore Iran's eligibility to be a recipient country for its Economic Development Cooperation Fund.

South Korea will also aim to establish a automobile assembly joint venture with Iran, the ministry said.

South Korea and Iran are due to hold a government-level meeting in Tehran in late February. (Reporting by Christine Kim; Editing by Eric Meijer)