Korea, Iran Forge Maritime Ties

Image Courtesy: PMO Iran

South Korea has inked 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 others’ ships through their respective territorial waters, Korea’s Ministry of Oceans and Fisheries said.

According to IRNA, the agreement paves way for USD 5.4 billion investment 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.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2017 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Green Ship Technology North America

Survival of the fittest in maritime: Make smart investments, ensure you are compliant, future proof your fleet…

read more >

FCCA Cruise Conference & Trade Show

The ​FCCA ​Conference ​is ​a four-day ​event ​designed ​to ​foster ​a ​better ​understanding ​of ​the ​inner ​workings ​of ​the ​cruise…

read more >

Bulk Liquid Storage Europe 2017

The event will cover current key challenges and issues faced by the industry and provide in depth discussions and analysis of today`s…

read more >

3RD ANNUAL GENERAL AVERAGE SEMINAR

ATTEND THIS SEMINAR TO:
– Get up to speed on the revisions to the York-Antwerp Rules 2016…

read more >