Anchor: The lifting of U.S. and European sanctions on Iran brings the oil-rich country back into the global economy. The opening of its markets is expected to provide a gold mine of opportunities for South Korean firms.
Our Andrew Jeong has more.
 
Report: A country with a population of 80-million. A country with the world’s fourth-largest oil reserves.

Iran has ordered 114 Airbuses to prepare for the hike in air transport demand as it re-enters the global economy. 
 
The Iranian legislature's energy committee chair Marbi told KBS that the Iranian plant construction market is expected to grow by 100-billion U.S. dollars annually. 

[Sound bite: The Iranian legislature’s energy committee chair (Persian)]
“We have up to 50 business projects in the oil industry requiring investments of up to 185 billion U.S. dollars. We welcome Korean companies to participate in the projects in Iran.”

The South Korean construction sector will likely reap the largest benefits, with contracts worth up to 157 trillion won expected to be offered.

Analysts say the resumption of trade with Iran will raise South Korean exports to levels rivaling those in 2012, when exports to Iran peaked at six-point-one billion U.S. dollars.
 
Officials at a Samsung Electronics subsidiary in Iran expected improved consumer confidence would boost exports in consumer electronics. They called for tailored product designs to match the tastes of Iranian consumers.
 
Iran’s oil production is expected to increase the global oil supply glut but South Korean refineries voiced hopes that the opening of Iran would broaden oil supply routes.
 
South Korean companies will face global competition to gain footholds in Iran’s market.
 
Firms from China, France, Russia, Germany and the rest of Europe are busy trying to gain the upper hand.
 
Kim Seung-wook, the Korea Trade-Investment Promotion Agency’s Tehran bureau chief, said European firms were aggressive due to dampened sales in their domestic market and the weakened euro.
Andrew Jeong, KBS World Radio News.