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The governments of South Korea and Iran have agreed to resume operation of their ICT Cooperation Committee to accelerate development of high-speed Internet in Iran. The agreement is based on a decision to amend the terms of a Memorandum of Understanding (MoU) signed between the two countries in 1990.

South Korea's advanced information and communications technology will be leveraged to accelerate the development of the high-speed Internet and ICT markets of Iran, says Business Korea.

The ICT market in Iran is currently estimated to be worth US$19 billion and is expected to reach US$29.8 billion in size in 2020.

The MoU includes additional details on policy consulting and business assistance under the ICT Cooperation Committee, which had been temporarily as a result of economic sanctions on Iran.

[quote] South Korea’s wireless telecoms operator SK Telecom and the Ministry of Energy of Iran has agreed to the launch of IoT-based remote power control projects covering 15 buildings, adds Business Korea.

The National Iranian Gas Company will also work with SK Telecom in a gas metering project that will cover 5,000 households. The carrier will use IoT technology to cooperate with Iran in various fields such as gas supply, water supply and smart home.

Expanding broadband networks for IoT

It is reported that there is currently no broadband Internet service available in Iran. South Korea's largest telephone company KT will work with TCI, the largest telecom operator in Iran, to collaborate on communications network design and operation.

The two companies are also planning to be engaged in telecom and broadband Internet infrastructure projects, while setting up working groups to find out more collaboration opportunities.

Despite economic sanctions from South Korea in 2010, against Iran ICT exports to Iran continued to increase. Business Korea said the amount increased from US$736 million to US$1,028.4 million between 2009 and 2015.

Consumers in Iran are said to be particularly fond of Samsung Electronics and LG Electronics manufactured goods, with South Korean electronics manufacturers recording a share of 51.6% in the local mobile phone market last year October.

South Korean firms also captured 93.2% in the LCD TV market, 84.5% in refrigerator, 78.3% in washing machine and 78.5% in air conditioning.