- K-sure normalized its underwriting stance toward Iran to facilitate its support to Korean companies’ business in the country.
- A total of $4.5B of export support is expected, including $2B worth of support through a framework agreement with Iran.

■ With the opening of the Iranian market, countries around the world are moving fast to tap the potential of the market. K-sure as well is intensifying its trade insurance support to help Korean companies have a better business in the long-closed market.

○ Korea Trade Insurance Corporation (K-sure, www.ksure.or.kr, Kim Young-hak, president) announced its plan to increase its trade insurance support to Korean companies’ business in Iran through ▲ normalization of its underwriting guideline toward the country, ▲ increase in cover limits and ▲ signing of a comprehensive financial agreement for EPC export support.

■ Iran is a huge market with a 80 million of population and familiar with Korean culture and products thanks in part to the “Korean Drama and Cultural Wave.“ Such a favorable market condition is expected to lead to significant increase in Korean consumer goods exports like automobiles, cosmetics, and home electronics.

■ Also K-sure has recently eased down its underwriting requirements applied to the country by normalizing its ST stance on January 22 as its initial move to facilitate its trade support targeting Iran. Plus considering the unique business situation of having difficulties in obtaining financial statements from Middle East companies, K-sure considers to use the settlement record and business prospects of importing companies when setting the cover limit for export contracts with buyers in Middle East.

■ Meanwhile, last November, in a bid to promote Korean companies’ business in the country, President Kim Young-hak of K-sure visited Iran to discuss with the Iranian counterpart on signing of a framework agreement, which was agreed to be done in the 1Q of this year.

■ President Kim Young-hak stated that “Finally the long-closed gate of the Iranian market has opened. The opening will give a huge opportunity to many Korean exporters for them to reverse the weak export trend into a bigger wave.

○ K-sure will do its utmost to provide every support to Korean companies to win in the global competition over the Iranian market.“