Speaking to IRNA, Baghaei said following preliminary talks between the two sides, the deal was inked on Friday.
The South Korean company is to finance SAIPA's purchase of dlrs one billion worth of spare parts in complete knock-down (CKD), he said.
Talks between the two companies on joint venture investment is now underway, he said.
SAIPA has recently placed a dlrs. 250,000 order for purchase of auto-parts from South Korean company, he said.
During the recent visit of the South Korean president to Iran, 19 memoranda of understanding (MoUs) on broadening of mutual economic cooperation were inked between the two countries.
1430**1412
Tehran, May 28, IRNA – Deputy Commercial Manager of SAIPA auto making group Hassan Baghaei said on Saturday that the group has inked a one-billion-dollar finance deal with South Korean company SK networks.
