The company said the new investment increases production which could be sold in Iran and Middle East markets.

The corporation announced that construction of spandex factory will start soon and it is expected to open in 2019.

Teekay Corporation entered Iranian market in 2001 and last year increased its exports to Iran from 150 tons to 2,800 tons.

During South Korean president Park Geun-hye’s trip to Tehran on May 2, Iran and South Korea signed over 37 cooperation documents.