SEOUL, KOREA - The government is considering subsidies to those small- and medium-sized enterprises hit by U.S. sanctions against Iran. The Ministry of Industry, Trade, and Energy said on June 11 that there would be a number of companies, especially those dealing with steel products and auto parts, affected by the sanctions to be in effect from July 1.
Last year, the export volume to Iran was US$6.26 billion of which steel products and automotive parts and components accounted for $1.47 billion and $200 million, respectively. As there are more than 2,300 small suppliers doing business with Iran, it is likely that they will be affected negatively, the ministry said.
In order to minimize the effect, the government will form a task force across ministries. A government official said, "Depending on the type of impact, we will provide emergency funds, new export leads, or a discount on export insurance premiums."
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