Park calls for more efforts to explore new overseas markets

President Park Geun-hye said Wednesday that South Korea should do more to make inroads into new markets that could give a much-needed boost to the local economy.

She also said South Korea should diversify its export items and small and medium-sized companies, which are generally more domestic-market oriented, should strive to penetrate overseas markets.

South Korea’s exports have long been dependent on such countries as the United States and China, sparking worries that Seoul could find itself at a disadvantage in the rapidly changing trade environment.

“We should further strengthen efforts to explore new markets in Mexico and Iran to survive in the rapidly changing global trade environment,”Park said at the meeting in central Seoul.

The president made the comments in a meeting with hundreds of officials and business leaders and executives on how to capitalize on business-related headway made during her recent trips to Mexico and Iran.

Park has garnered potential economic gains from the trip to Tehran as she and her Iranian counterpart Hassan Rouhani observed the signing of numerous memorandums of understanding worth up to $45.6 billion.

Seoul hopes the MOUs pave the way for South Korean companies to eventually win massive infrastructure projects under way in Iran.

Iran has emerged as a promising destination for foreign investment after the U.N. lifted sanctions in the follow-up to a landmark deal reached with the United States and five world powers over Tehran's disputed nuclear program. (Yonhap)