November 26, 2024
Economy
Korea’s bilateral trade with Sudan likely to rise
[THE INVESTOR] South Korea’s bilateral trade with Sudan is likely to rise as the United States has decided to lift sanctions on the African country, a trade promotion agency said on Jan. 19.
Last week, US President Barack Obama decided to cancel two executive orders imposing economic sanctions on Sudan.
The US has been imposing sanctions on Sudan since 1997 and putting it on its list of countries sponsoring terrorism since 1993.
After a six-month surveillance, sanctions on the African country are expected to be lifted in July this year.
South Korea’s exports to Sudan stood at US$149 million last year, with key items including cars and construction equipment, according to the Korea Trade-Investment Promotion Agency (KOTRA).
KOTRA said South Korean firms will be able to reach out to Sudan’s agricultural and mining sectors, while demand for South Korean medical equipment and cosmetics is expected to rise.
(theinvestor@heraldcorp.com)
Last week, US President Barack Obama decided to cancel two executive orders imposing economic sanctions on Sudan.
The US has been imposing sanctions on Sudan since 1997 and putting it on its list of countries sponsoring terrorism since 1993.
After a six-month surveillance, sanctions on the African country are expected to be lifted in July this year.
South Korea’s exports to Sudan stood at US$149 million last year, with key items including cars and construction equipment, according to the Korea Trade-Investment Promotion Agency (KOTRA).
KOTRA said South Korean firms will be able to reach out to Sudan’s agricultural and mining sectors, while demand for South Korean medical equipment and cosmetics is expected to rise.
(theinvestor@heraldcorp.com)
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