South Korea opened a business center on Monday to help local firms expand trade and investment in Iran as part of its efforts to tap deeper into the Middle East country following the lifting of international sanctions, Yonhap news agency quoted the country’s ministry of trade, industry and energy as saying.
Located in south Seoul, the center will provide information and consulting services on trade and investment with Iran, backed by related government agencies including the Korea Trade-Investment Promotion Agency (KOTRA), state-run Woori Bank and the Industrial Bank of Korea.
“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.”
The lifting of sanctions imposed against Iran over its nuclear energy program in January as part of last year’s accord with world powers is gradually opening up the Iranian economy and allowing for increased trade and investment in the Islamic Republic.
Iran’s re-entry 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 to hold a summit with her Iranian counterpart.
Following the summit, South Korea resumed direct flight and maritime routes between the two countries to meet growing demand for bilateral visits.
Industry data showed that the trade volume between South Korea and Iran stood at $6.1 billion in 2015, down sharply from $17.4 billion in 2011 due to the sanctions.
