Wed May 11, 2016 9:53AM
A handout picture provided by the office of Iranian President Hassan Rouhani on May 2, 2016 shows him welcoming South Korean President Park Geun-hye during a ceremony at the presidential palace in the capital Tehran. (AFP)
A handout picture provided by the office of Iranian President Hassan Rouhani on May 2, 2016 shows him welcoming South Korean President Park Geun-hye during a ceremony at the presidential palace in the capital Tehran. (AFP)
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In the post-JCPOA era Iran is increasingly feeling the need to tap into other markets other than western markets, in a bid to develop its industries.

After the nuclear deal, China’s 110-strong delegation headed by the country’s highest ranking political official came to Iran. Only a few months later, came the South Korean president at the head of a 236-member business delegation. His team was accompanied by five ministers and an army of reporters.

The Iranian Embassy in the South Korean capital Seoul announced it’s had more than 400 visa applications by the country’s business mogul. US imposed sanctions against Iran had discouraged many east Asian countries from doing business with Iran but now things are different. 

In 2010, South Korea's GS Engineering & Construction Company signed a deal with Iran to sweeten gas in Phases 6 to 8 of Iran’s South Pars gas field; a contract worth 1.2 billion dollars. But it had to withdraw from it in the face of US sanctions. But now, they Koreans can pick it up where they left off without having to worry about Washington’s reaction. On their recent trip to Iran, the South Korean business delegation was presented with appealing oil contracts, and the two sides signed several memoranda of understanding.

In order to develop the South Pars gas field, the world’s largest in the Persian gulf and to make up for its missed extraction targets compared to the Qataris with him it shares the gas field, Iran needs foreign investment. South Korea’s auto-making giants Hyundai and Kia Motors have announced their plans to export a total of 60 thousand automobiles to Iran. Hyundai Motor Company, the world’s fourth largest auto-manufacturer, is a majority-share holder in KIA motors.  Iranians learned an important lesson during the sanction years, they learned they should rely more on emerging market, especially those in east Asia to protect the Iranian market against deep and sudden fluctuations during times of crisis.

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