A landmark deal on limiting Iran's nuclear program is expected to help South Korean companies make inroads into the key Middle Eastern market, Seoul's economic czar said Tuesday.
The remarks come as a deal can effectively lift the economic sanctions placed on Iran by the global community. Such measures have hurt two-way trade with the populous, oil-rich country.
Chairing a meeting of economy-related ministers in Seoul, Finance Minister Choi Kyung-hwan said the provisional agreement, reached between Tehran and countries like the United States last week, will likely open new opportunities for local builders and industrial plant companies.
"We will keep close tabs on developments and the government will examine ways to help businesses tap into the market," he said.
Choi, who doubles as deputy prime minister, also said the sluggish pace of global economic recovery and a slowdown in China are fueling uncertainties that are not good for commerce.
With the exception of the U.S., recovery among industrialized economies remains weak, while slower-than-expected growth in China is a source of concern. China is South Korea's No. 1 trading partner.
As the U.S. is widely expected to hike key interest rates in the coming months, there is a growing need to monitor developments in emerging markets that could be hurt by the outflow of foreign capital. (Yonhap)
