TEHRAN- South Korean trade officials studied Iranian market capacities and their participation in this market after withdrawal of the U.S. from Iran nuclear deal in a meeting with Iranian their Iranian counterparts in South Korea on Saturday, IRNA reported.

Making the remarks in this meeting, Iran’s Ambassador to Seoul Mohammad Hassan Taherian highlighted South Korean companies’ long presence and good reputation in Iran’s domestic market.

“The growth in Iran-South Korea trade ties during the past recent months is due to the efforts of the South Korean small and medium-sides enterprises (SMEs),” he said.  

Underscoring that Chinese, Indian, Russian, and Turkish companies are competing with each other to find a share from Iran’s market, the Iranian envoy proposed South Koreans to continue their presence in Iran under the current circumstance. In case of leaving the market their return to it would not be an easy task, he warned.

South Korean companies discussed the existing barriers on their way to cooperate with Iranians in the end of the meeting.

As reported earlier in mid-August, South Korea intends to extend financial support for companies affected by re-imposed sanctions on Iran.

The Ministry of Trade, Industry and Energy has reportedly held two consultations with the U.S. government to get exemptions on Iranian crude imports and will continue the efforts before the energy sanctions go into force in November.

"The Korean government will continue to consult with the U.S. government to get relief on Iranian crude purchases to minimize the effect of the reimposition of Iran sanctions on the Korean economy and doing business with Iran," Kang Sung-cheon, vice trade minister, said in a time task force meeting Yonhap reported.

The Ministry of SMEs and Startups of South Korea plans to ease qualifications for the emergency business fund for small and medium-sized companies and extend the maturity by one year, and the Korea Trade Insurance Corporation will expand insurance coverage on local exporters, the report added.

HJ/MA