South Korean Firms Looking for Opportunities in Iranian Railway Market

South Korean Firms Looking for Opportunities in Iranian Railway Market
August 21, 2015 6:11 pm

South Korean companies are seeking to tap the newly opened Iranian market following a landmark nuclear deal by sending a large-scale business delegation to the Middle Eastern country, industry sources said Friday.

The delegation, led by Minister of Land, Transport and Infrastructure Yoo Il-ho, includes officials from the state-run Korea Export-Import Bank and Korea Expressway Corp., as well as private builders such as Daelim Industrial Co., they said.

Since the nuclear deal breakthrough between Iran and six global powers, which aims to keep the nation away from nuclear weapons in exchange for relief from economic sanctions, business officials from around the world have been rushing to restart business in the newly available market.

The Iranian market is significant for South Korean businesses as well.

Up until 2010, when South Korea also began to impose economic sanctions on Iran, the Middle Eastern country was a major market for builders here. In terms of the amount of orders received, the country was the sixth-largest partner for South Korea.

According to the sources, Yoo and his delegation will meet with high-ranking officials including oil, energy and urban development ministers in Iran.

They are also scheduled to hold a series of meetings with heads of state-operated oil and petrochemical firms to discuss potential projects.

“During a ministerial housing and urban development conference held in Seoul last November, Iran had shown interest in cooperating with South Korea in various business areas including harbors, airports, railways, transportation and housing,” a ministry official said.

In addition to Iran, the delegation will also visit Malta and Algeria throughout their nine-day trip to discuss various ways of economic cooperation, according to ministry officials.

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