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MON, 2015-08-03 KST

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Korea to allow transactions with Iran in service sector Updated: 2014-03-12 10:03:42 KST

The landmark deal on Iran's nuclear program has opened the door for more business transactions with Korea.
Seoul's finance ministry says it will begin allowing business dealings next week with Iranian companies in more than ten service sector categories, including business consulting and automotive design.
The ministry says the move is expected to boost transactions of goods, particularly in the fields of construction, communcations and automobiles.
Service sector transactions between the two countries have been restricted in recent years due to international sanctions over Tehran's suspected nuclear development.
The volume of exports between Korea and Iran in the service sector came in at more than 1 billion U.S. dollars in 2009, but shrank to 340-million dollars in 2012.
KOGL : Korea Open Government License