South Korea's Economy Suffering Due to Anti-Iranian Sanctions - PRESS TV

LINK: http://www.presstv.ir/detail/2013/06/25/310825/iran-and-south-korea-look-to-increase-bilateral-ties/ Increasing bilateral ties with South Korea despite unilateral sanctions by the US The 12th Conference on South Korea and the World Economy Toward Broader and Deeper Economic Collaboration in Asia has started in Tehran. The conference is organized by The Association of Korean Economic Studies (AKES) and Iran's Monetary and Banking Research Institute (MBRI). According to economic experts unilateral sanctions imposed by the US and its allies against Iran's oil industry and central banking system have caused trade to be decreased because of financial constraints. The illegal US-engineered sanctions were imposed based on the unfounded accusation that Iran is pursuing non-civilian objectives in its nuclear energy program-Something that Tehran has categorically denied. The Dean of the Economics Dept. of Hongik University in South Korea talked about the negative impacts of the US sanctions on South Korean businesses. The President of the Association of Korean Economic Studies discussed the long history of bilateral ties between the two countries and how the US sanctions have affected that relationship. Economic experts believe Iran is a valuable country to the world economy as it owns 10 percent and 16 percent of the world's oil and gas reserves respectively. The conference will also be held in the Iranian cities of Isfahan and Shiraz until June 29th.