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South Korea to aid local firms for access to Iranian market

by ChemOrbis Editorial Team - content@chemorbis.com
  • 12/02/2016 (15:01)
South Korea’s Minister of Trade, Industry and Energy Joo Hyung-Hwan stated that the government will provide financial aid to local companies which seek to enter the Iranian market, according to media reports. South Korea was one of the countries to lift sanctions imposed on Iran following the confirmation of Tehran’s compliance with an agreement which required it to curb its nuclear program.

Local firms expect Iran’s economy to expand 5.8% in 2016 and 6.7% in 2017 and assess that accessing about a $100 billion worth of frozen funds will boost business opportunities and investment in projects. Automotive, petrochemical, steel and construction are among the industries in which South Korean companies plans to expand trade through joint ventures with Iran.
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