July 17, 2015 11:12
Korean firms are gearing up to resume business in oil-rich Iran, now that the Middle Eastern country's nuclear deal with six world powers has passed the first hurdle.
Data compiled by the Korea International Trade Association shows that trade volume between the two countries peaked in 2011, before falling as stifling economic sanctions were imposed the following year.
The main beneficiaries here are expected to be in the shipbuilding, petrochemical and construction sectors. Builders are hoping to be the biggest winners, as Iran was their fourth-largest offshore market prior to the sanctions.
Auto parts, home appliances and cosmetics are also promising export items. Korean products accounted for nearly 70 percent of the Iranian home-appliance market last year, thanks to an easing of sanctions on some consumer products.
Iran, which has the world's fourth-largest oil reserves, is expected to gradually ramp up production, pushing down global oil prices and eventually helping shipping companies save on costs.
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