South Korea has launched a business center in southern Seoul to help its local firms expand trade and investment in Iran’s market following the removal of sanctions, a report said.
According to a statement by South Korea’s Ministry of Trade, Industry and Energy on Monday, the center will provide information and consulting services on trade and investment with Iran, the Korea Herald reported.
It added that related government agencies, including the Korea Trade-Investment Promotion Agency, state-run Woori Bank and the Industrial Bank of Korea would help facilitate the tarde between the two nations.
“The center will help our companies overcome difficulties in doing business with the Middle East country,” the trade ministry said.
“It will contribute to invigorating the business relationship between South Korea and Iran.”
Back in May, Iran and South Korea inked 19 memorandums of understanding at a high-profile ceremony in Tehran, attended by the two countries’ presidents.
Cabinet ministers and senior officials from the two sides signed the documents as part of efforts to boost the relations between Tehran and Seoul.
The deals are meant to boost bilateral collaborations in a range of fields, from maritime transportation to cultural and academic issues.
The MoUs were on cooperation in the oil, gas and petrochemical industry, management of water resources, technological interaction, medical fields and banking ties, among others.
(Source: Tasnim, under Creative Commons licence)