Iran is expected to become a solid business partner of Korea in the near future as officials of both governments vowed to beef up ties.

Once U.S.-led sanctions against Iran are lifted, Seoul will likely increase the import of Iranian crude oil and help companies invest more in the natural resources-abundant country that has had a rocky relationship with Korea since 2010.

Still, Iran is Korea’s third largest export destination in the Middle East with exports of $4.2 billion in 2014. Iran exported $4.6 billion worth of goods to Korea during the same period. Iran has the world’s largest natural gas deposits and the world’s fourth-largest oil deposit.

“The amount of Iranian oil imports has halved since the sanctions, but the quality of Iranian crude oil is quite good and its condensate is very useful,” Deputy Trade Minister Woo Tae-hee told reporters Monday after returning from Tehran.

“On condition that the sanctions are lifted, we may have to discuss increasing the oil imports once again,” he added.

The delegation consisting of heads of state-run public energy corporations has met with respective authorities and businessmen to confirm mutual interest in energy and infrastructure development.

Woo claimed that Iran is awaiting investments including $15 million to $18 million for renovating the oil production facilities and other projects.

“The Iranian government officials have been very friendly to the Korean government and businessmen. They acknowledged that several companies, including Daelim Industrial, have stayed in Iran during the hardships, such as the Iran-Iraq War (1980-1988) and more. We have detected a lot of business opportunities there,” Woo said.

As a start, the two countries will hold Economy Minister-level talks in November, followed by a Korea-Iran Business Forum with a business delegation and a small trade show. About 15 companies have maintained business ties in Iran, and are expected to broaden and deepen the relations, Woo said.

By Bae Ji-sook (baejisook@heraldcorp.com)