South Korea vows to hep firms tap into Iranian market

SEJONG
South Korea will actively support local
companies inroads into the Iranian market
after a landmark agreement  was reached
over the country 's nuclear programme,
the government said last week.

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 programme in exchange
for lifting sanction reports South Korea's
Yonhap news agency.

 The finance ministry said that it will take
measures to set up a dedicated support centre
to h elp companies wanting to do businesses
in the oil-rich country get vital information.

Seoul will also seek to sign shipping related
agreement expand bilateral customs cooperation
for increased trade and help small and medium
enterprises forgeties 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 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 Korea  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,
BERNAMA