South Korea has entered into an agreement with Iran on cooperation in the maritime field and fisheries.
Under the deal, the two countries have agreed to facilitate passage to each other’s ships through their respective territorial waters, Korea’s Ministry of Oceans and Fisheries said.
According to IRNA, the agreement paves way for USD5.4 billion investments from Korea into Iranian maritime projects, including port development as Iran is expected to experience a surge in cargo volumes.
The Memorandum of Understanding, signed in Tehran during a recent visit from Korean officials, also provides for unimpeded rescue operations of the countries’ ships.
The move comes as sanctions are lifted against Iran, which has been working strenuously ever since to return to the shipping market and renew trade ties with international partners.
Moreover, the MoU is expected to provide seamless business activities to Korean shipping partners and promote bilateral trade.
The cooperation will also see Korean Ship Registry cooperate in the field of vessel inspection and classification services and marine engineering with its Iranian counterpart.
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