South Korea will actively support local companies' inroads into the Iranian market after a landmark agreement was reached over the country's nuclear program, the government said Wednesday.
The announcement comes a day after Iran reached a deal with the five permanent United Nations Security Council member states and Germany, easing global concerns about its nuclear program in exchange for lifting sanctions.
The finance ministry said that it will take measures to set up a dedicated support center to help companies wanting to do businesses in the oil-rich country get vital information.
Seoul will also seek to sign shipping-related agreements, expand bilateral customs cooperation for increased trade, and help small and medium enterprises forge ties with their Iranian counterparts,
It will also move to ink deals that could facilitate cooperation in science and technology at the government and public institution levels.
The ministry said once international sanctions are lifted, local companies will be able to expand cooperation in the healthcare and information and communication technology fields, as well as food and cultural areas.
"To facilitate commercial transactions, the government will move to reopen financial transactions and trade-related financing and credit guarantees," the ministry said.
Efforts will be made to arrange meetings between South Korean carmakers, steel mills, shipyards, builders and energy companies and Iranian buyers that can lead to more deals, it said.
The ministry, however, cautioned that lingering market uncertainties and excessive competition to sign deals may be detrimental to local business interests.
The ministry said it will keep close tabs on the lifting of international sanctions, so it can come up with plans to better assist companies. (Yonhap)
