- Korean companies are expected to win more projects in Iran through signing of the MOU
- K-sure aims to support Korean companies through its pre-export financing program.

■ Korea Trade Insurance Corporation (K-sure, www.ksure.or.kr, Kim Young-hak, president) announced that, on May 2 (local time), it signed a MOU on financial cooperation with the Ministry of Economic Affairs and Finance of Iran to provide EUR 5 billion of financing to help Korean companies win Iranian projects.

■ Through the signing of this MOU, K-sure aims to maximize the impact of its pre-export financing program, providing proactive support to Korean companies for them to win more projects in the country and take a bigger share in its market.

○ Iran has fast risen as a highly attractive market after the long economic sanctions were lifted. Now a lot of new business opportunities are expected to come from the country in the fields of power generation, petrochemical, and medical service. Companies around the world especially China, Japan and Europe are expressing their strong interest in the Iranian market, and the ‘financing ability’ is considered to be the key determinant in deciding the winner of the market.

○ Besides the signing of the MOU, the Ministry agreed to help K-sures’ fast recovery of insurance payments caused in part by past economic sanctions against the country regarding the claim case related to an Iranian power generation company.

■ Industry insiders of Korea express a high expectation on the signing of MOU as this could provide practical assistance to Korean companies for their bid to win Iranian projects amid a harsh overseas project market situation.

■ Mr. Kim Young-hak, president of K-sure stated that ”Companies around the world are heading to Iran to tap the potential of this long-closed country with the world’s 4th largest market with 80 million population.

○ K-sure will provide every support to help Korean companies ride on the tide of new business chances prior than others by enhancing their financing ability through a close financial cooperation with the Iranian counterparts.“