Iran, one of the largest crude steel producer in MENA is currently facing sanctions from US, owing to which the economy of nation has affected badly, Economic sanctions has targeted nation’s banking, insurance and shipping sector which has in turn affected the export of Iran. Many countries has extended their support to Iran by seeking exemption from US sanction, among such countries is South Korea.
Recently during the joint seminar on economic opportunities of Iran and South Korea, Head of the joint chamber of the Islamic Republic of Iran and South Korea proposed to draw closer economic relations between the two countries by forming a joint barter fund for commodities.
According to Mr. Hossein Tanhaie, Head of the joint chamber of the Islamic Republic of Iran and South Korea, “Since 1998, we have economic cooperation with South Korea, and this cooperation has the capability to expand. In 2013, crude oil exports (including crude oil) to South Korea were USD 8 billion, and South Korea exported USD 4 billion worth of goods to Iran.”
Mr. Tanhaie added, “In the last 10 months of 2018, bilateral trade reached USD 5.70, out of which Iranian exports contributed USD 3.70 Bn. South Korea is the third economic partner of Iran after China and the UAE, noting that many of the goods Iran import from the UAE produced in other countries could be said that South Korea is our second trade partner.”
Iran Ferro Manganese Import from South Korea
South Korea is one of the major ferro manganese exporter to Iran. The nation has exported around 16,500 MT ferro manganese to Iran during CY’17. Till Oct’18, Iran has already imported around 4,000 MT ferro manganese from South Korea.
It is believed that due to US Sanctions the export of ferro manganese to Iran has reduced. After this joint trade among both the nations, exports will most likely increase, as in past Iran has imported around 70,000 MT ferro manganese annually from South Korea.
Inputs from IRNA
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