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  Korea’s Product Competitiveness Ranks 3rd in Iran
  Poster : admin     Date : 15-07-31 14:27     Hit : 504    
According to Yonhap News,

(SEOUL=Yonhap News) A survey conducted by the Korea Trade-Investment Promotion Agency (KOTRA) on 262 Iranian companies doing business with Korean companies in Iran showed that 74 percent of the respondents plan to maintain the status quo or expand their business with Korean companies once economic sanctions are lifted.

When asked about their reasons for choosing Korean products, 29 percent of the respondents cited quality, followed by convenient payment (27 percent), brand awareness and image (17 percent), the proactive marketing of Korean companies (12 percent) and Korea’s strong efforts for technology transfer (6 percent).

Korea’s product competitiveness in Iran (21 percent) ranked third following that of China (27 percent) and the European Union (25 percent), followed by Turkey (10 percent) and Japan (8 percent).

KOTRA analyzed that Iranians prefer low-priced Chinese or Turkish products due to Iran’s ongoing economic recession, that they have traditionally favored European brands and that it is therefore urgent for Korean companies to improve their price competitiveness to enter the Iranian market.

When asked about their preferred conditions for expanding business with Korean companies, 48 percent of the respondents said lower prices, followed by improved trade conditions including those regarding shipment and payment (32 percent), enhanced brand awareness (11 percent) and increased product quality (9 percent).

Asked about measures to enter the Iranian market, 35 percent of the respondents cited joint ventures and technology transfer, followed by the establishment of branches and corporations (23 percent). Regarding ways to find Korean business partners, 44 percent of the respondents named participating in exhibitions, followed by visiting Korea as a trade delegation (33 percent) and via the internet (14 percent).