South Korean Firms Continue to Work With Iran Despite US Sanctions

EghtesadOnline: South Korea’s new ambassador to Iran, Yu Chang Hwang, said Korean companies will continue to work with Iran, despite the US pullout from the nuclear deal.

News ID: ۷۸۴۰۶۰

23 September 2018

Yu was speaking in a meeting with Deputy Chairman of Tehran Chamber of Commerce, Industries, Mines and Agriculture for International Affairs Mohammad Reza Bakhtiari, Mehr News Agency reported.

“South Korean companies did not cut their trade and business cooperation with Iranian economic enterprises in the sanctions period,” the ambassador said, referring to economic sanctions against Iran before the nuclear deal, formally known as the Joint Comprehensive Plan of Action, was signed in 2015.

The United States has reimposed sanctions on Tehran following US President Donald Trump’s withdrawal from JCPOA, according to Financial Tribune.

“The fact is that South Korean companies are interested in working in Iran and want to continue their trade and business cooperation with Iran. Of course, the problem of unilateral sanctions imposed by US on Iran should be taken into consideration,” he said.

Yu denied claims that South Korean firms have wound down their businesses in Iran, noting that South Korean companies still continue their trade cooperation with Iran.

According to the envoy, many South Korean companies are heavily dependent on Iranian oil, so chemical and petrochemical industries based in South Korea would suffer from a shortage of Iranian oil.

“We are seeking waivers from US sanctions imposed on Iran to continue oil purchase from the Islamic Republic of Iran,” he said.

The South Korean ambassador stressed the need to preserve the Iran nuclear deal and said, “South Korean government will strongly back JCPOA, because we are of the opinion that JCPOA will secure and guarantee peace and security in the region and the world.

“As South Korea’s ambassador to Iran, I will make my utmost effort to promote trade and economic relations between Iran and South Korea wholeheartedly.”