SEOUL, KOREA - Korean companies doing business with Iran welcome the latest election outcome there in which a moderate candidate Hassan Rouhani was elected as President of Iran on June 15, defeating conservative politician and current mayor of Tehran Mohammad Bagher Ghalibaf. The companies expect the U.S.-Iran relationship would not worsen any further under the new President's rule. But they don't see the relationship would thaw any time soon either until the U.S. government relaxes the economic sanctions against the theocratic nation.
Sanctions, until recently limited to oil development projects within Iran and petroleum product transactions, will be widened from July to include steel products, raw materials, intermediate goods, metals, automobiles, and auto parts. Other transactions related to energy, shipbuilding, and shipping will also be included in the restricted list.
Once the newly widened sanctions are in force, Korea's small- and medium-sized enterprises will be affected more than larger counterparts as the large corporations will find it easier to switch their export destinations. Of the US$6.26-billion exports to Iran last year, as much as $3.04 billion (49%) was accounted for by smaller exporters. In particular, those smallish companies exporting steel products and auto parts were concerned about the upcoming sanctions as these two items accounted for 23 percent ($1.47 billion) and 3.2 percent ($200 million) of exports last year.
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