CHUNGCHEONGBUK-DO < invest Korea

According to Yonhap News,

(CHEONGJU=Yonhap News) Iran's Investment in Osong, North Chungcheong Province is expected to take off after being stalled for a year.

Chungbuk Free Economic Zone announced that Iran's traditional medicine company TOOBA Korea reported foreign direct investment of USD 60 million dollars (KRW 70 billion) to KOTRA on June 10.

North Chungcheong Province expects USD 4 million will be remitted within this year, with remaining amount invested over the next five years by 2020.

The Iranian medical firm pledged to invest USD 2 billion as it entered into an investment agreement with North Chungcheong Province April last year. USD 60 million was allocated for establishment of joint research institute and rest of the investment was planned to be used for construction of production facilities and a clinical hospital.

Although the Province and the firm signed an investment agreement last year, the investment has been put on hold due mainly to economic sanctions imposed on Iran. As the sanctions were lifted in January this year, investment from the Iranian company is finally gaining momentum.

ks@yna.co.kr

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