South Korean companies to start trading with Iran with easing of sanctions

Business Materials 6 June 2021 21:01 (UTC +04:00)
South Korean companies to start trading with Iran with easing of sanctions

BAKU, Azerbaijan, Jun. 6

By Elnur Baghishov – Trend:

South Korean small and medium-sized companies will begin trading with Iran with the reducing of sanctions, head of the Iran-South Korea Chamber of Commerce Hossein Tanhaie told IRNA, Trend reports.

The official noted that on the other hand, the large South Korean companies have also expressed interest in trading with Iran.

"It is estimated that Iran will start trade with South Korea in the next 3-5 months," he said.

Tanhaie added that in recent years, the value of trade turnover between Iran and South Korea has reached $4 billion annually. Given the interest of businessmen in trade, it is hoped that trade turnover will be at this level in the coming months with the implementation of agreements between the two sides.

The official emphasized that it was decided to import technical equipment and tools from South Korea to Iran instead of paying in cash the money of Iran frozen in South Korea.

According to him, South Korea is a developed country in the fields of technology, electronics and petrochemical, and trade turnover in these areas can be increased.

As reported, the US has imposed new sanctions on Iran in 2018. As a result of these sanctions, Iran's money in other countries has been frozen. According to the Central Bank of Iran (CBI), about $8 billion worth of Iran’s funds has been frozen in South Korea.

Iran exported 78,000 tons of goods worth $46.3 million to South Korea and imported 132,000 tons of goods worth $582 million from South Korea over the last Iranian year (from March 20, 2020 through March 20, 2021).