News ID: 156481
Published: 0519 GMT August 08, 2016

South Korea opens center to support Iran trade, investment

South Korea opens center to support Iran trade, investment

South Korea opened a business center to help local firms expand trade and investment in Iran as part of efforts to tap deeper into the Middle East country following the lifting of international sanctions, the trade ministry said.

Located in southern Seoul, the center will provide information and consultation services on trade and investment with Iran, backed by related state agencies including the Korea Trade-Investment Promotion Agency (KOTRA), state-run Woori Bank and the Industrial Bank of Korea, reported Yonhap quoting the Ministry of Trade, Industry and Energy.

"The center will help our companies overcome difficulties in doing business with the Middle East country," the trade ministry said in a release. "It will contribute to invigorating the business relationship between South Korea and Iran."

Since Washington and Tehran concluded a landmark nuclear agreement last year, the United States and the European Union have removed economic sanctions imposed on Iran over the past decade, opening up a new 80-million-strong market.

Iran's reentry into the global economy is regarded as a boon for the South Korean economy as the oil-rich country is aggressively working on infrastructure business and development projects.

South Korea is also seeking business opportunities in Iran, with President Park Geun-hye visiting Tehran in May for talks with her Iranian counterpart.

Following the Seoul-Tehran summit, South Korea resumed direct flight and maritime routes between the two countries to meet growing demand for bilateral trips.

Industry data showed that trade between South Korea and Iran stood at $6.1 billion in 2015, down sharply from $17.4 billion in 2011 due to the sanctions.

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