- A sheer outcome of continued economic cooperation between Korea and Iran

■ Korea Trade Insurance Corporation (K-sure, www.ksure.or.kr, Kim Young-hak, president) announced that it has successfully recovered EUR 97 million of receivables from Iran for the MAPNA project, which was previously unlikely to recover due to some issues related to the U.N. economic sanctions against the country.

■ K-sure said that the recovery is significant as it is the first tangible outcome of economic cooperation between Korea and Iran after sanctions against the country were lifted last year.

○ President Kim Young-hak of K-sure made his visit to Iran at the end of 2015 to lead the MAPNA project repayment negotiation with the Iranian Ministry of Finance, the guarantor of the project payment.

○ Following such a move, President Kim has continued his effort of promoting trade between the two countries after sanctions were lifted in 2016 to make fruitful outcomes through cooperation with the Ministry of Finance of Iran by proposing more active financial cooperation between the two countries.

■ Mr. Kim Young-hak, president of K-sure stated that “As K-sure is the only public agency with a debt collection and recovery department for Korean companies’ overseas exports, we will provide every support to help them recover their hard-earned export proceeds.

○ Also based on the mutual trust between K-sure and the Iranian government, K-sure will do its utmost to help Korean companies win more orders from Iranian sponsors and increase their exports to the country.“