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S. Korea Intends to Double Exports to Iran
Economy, Domestic Economy

S. Korea Intends to Double Exports to Iran

South Korea aims to double exports to Iran in two years, as construction and shipbuilding firms are seen benefiting from the lifting of international sanctions on the Middle East country, its finance minister said on Thursday. “Exports, especially in such sectors as construction and shipbuilding, are expected to grow due to the lifting of sanctions on Iran,” Reuters quoted Yoo Il-ho as saying during a scheduled meeting of economy-related ministers. He said the government would draw up measures to strengthen business relations with Iran by the end of February and would aim to double the country’s exports to Iran over two years. South Korea imports all of its crude oil demand and is the world’s fifth-largest oil importer in the world. Its exports to Iran stood at $3.76 billion in 2015, accounting for just 0.7% of the total.

 

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