KIEP and CEIE in collaboration with ECOSF hosted 10th Korea Iran Cooperation Forum in Dubai, UAE
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Korea Institute for International Economic Policy (KIEP) and Center of Excellence for International Economics (CEIE), University of Isfahan in collaboration with ECO Science Foundation hosted 10th Korea Iran Cooperation Forum on December 15, 2022 in Dubai, UAE. The 10th Forum on Korea and Iran Cooperation was held under the theme of ‘Industrial Policies and Business Opportunities between Korea and Iran in the Era of Green and Digital Transformation’. A league of imminent Korean, Iranian and Pakistani experts contributed to the proceedings of the Forum.
Prof. Dr. Jung Sung-Chun, Vice President KIEP said in his opening address that Iran and South Korea have a long history of economic cooperation. South Korea has been a major export destination for Iranian oil and gas, and has also been a significant source of investment and technology for Iran's industrial and infrastructure development. The economic relationship between Iran and South Korea is multifaceted and has the potential to contribute significantly to the development and prosperity of both countries.
H.E. Mr. Yun Kanghyeon, the Ambassador of the Republic of Korea to Iran was the Keynote Speaker in the Forum. Mr. Kanghyeon underlined that since the establishment of diplomatic relations, Korea and Iran have maintained cooperative relations in various sectors such as economy, technology, infrastructure and culture. In particular, the two countries have established close economic partnership as trading partners. He added that he hopes this year Forum will be a new opportunity for cooperation to further bilateral ties and promote mutual understanding.
Prof. Seyed Komail Tayebi, President ECOSF led the delegation from Iranian side virtually and delivered his opening remarks and presented a detailed overview of rich cultural exchange and economic cooperation between Iran and Korea over the years. Prof. Tayebi emphasized that as the members of the global community, it is our collective responsibility to ensure that our actions do not harm the environment and contribute to climate change. In recent years, both Korea and Iran have made significant progress in implementing sustainable practices in their industries, he further added.
Prof. Tayebi said, however, there is still much work to be done in both countries to fully transition to a sustainable model of industrial production. For example, there is still a high reliance on fossil fuels, particularly in the transportation and industrial sector in both these countries. To achieve a true green transformation in industries in Korea and Iran, it will require the cooperation and commitment of all stakeholders, including governments, businesses, and individuals, President ECOSF concluded.
The forum was divided into three main sessions on the respective topic of “Current Issues in the Middle East and Sixty Years of Cooperation between Korea and Iran” and “Green Transformation of Industries”, and “Digital Transformation Opportunities between Korea and Iran”. The experts during the sessions discussed opportunities and challenges of green and digital transformations in industries of both these countries and suggested policy proposals to expand bilateral investment and economic cooperation between Korea and Iran.
In the Forum, Engr. Khalil Raza, Scientific Officer was also invited on behalf of ECOSF to present his talk on Best Practices of Green Transformation in the Industries: Lessons for Korea and Iran Cooperation. Mr. Raza in his talk suggested several strategies to mitigate the greenhouse gas (GHG) emissions from industries using clean technologies, such as energy efficiency, renewables, hydrogen and carbon capture, utilization, and storage (CCUS). It is important to mention that Former President ECOSF Prof. Dr. Manzoor Hussain Soomro also joined and contributed to the Forum as an observer. During discussion session, Prof. Soomro appreciated both sides Korea and Iran on hosting this important dialogue and emphasized on utilizing Korean expertise in the industrial competitiveness for boosting sustainable development in Iran.
The Forum concluded with following key takeaways:
- Korea and Iran to expand green and digital trade: Both countries Increase economic cooperation between the two countries to expand the volume and variety of green goods and digital services traded between them.
- Both Countries need to promote mutual investments: Both countries strengthen economic cooperation and encouraging investment from Korean companies in the Iranian market and vice versa on digital, green, clean, and renewable energy technologies in the industrial sectors. It is necessary to encourage and provide financial incentives or assistance to green businesses and industries looking to invest in the other country.
- Develop green and digital infrastructure: Korea and Iran could work together to develop green and digital infrastructure projects that would benefit both countries.
- Encourage tourism: Both countries promote tourism between the two countries could also boost economic cooperation. This could involve marketing the two countries' cultural and natural attractions to each other's citizens, as well as making it easier for tourists to travel between the two countries.
- Promote cultural exchange between the two countries: Both countries encourage cultural exchange between the two countries, such as through educational and cultural exchange programs, to strengthen economic ties by increasing understanding and goodwill between the two countries.
- 11th Korea -Iran Cooperation Forum on tourism: The 11th Korea-Iran Cooperation Forum on tourism and the related subjects will be held in Kish Island, Iran, in May 2023.