Shipping agreements to be signed with Iran, India, Egypt

Korea will conclude shipping agreements with India, Iran, Egypt, bringing good expectations for this year. It will also sign with Bulgaria and Israel in the first half of this year. MOMAF (Ministry of Maritime Affaires & Fisheries) is signing shipping agreements with these countries and expects the relationship to be profitable.
MOMAF announced that Korean shipping companies would gain reductions and exemptions in taxes from 10% to 50% on the spot through shipping agreements with India. Foreign shipping companies would be free to pay port fees due to the agreement with Iran. And the shipping agreement with Egypt is important because many Korean shipping companies favor more trade there, and this agreement will further consolidate good shipping relations in the region alongside the agreement with Algeria signed last year.
MOMAF will work in cooperation with MOFAT (Ministry of Foreign Affaires & Trade) to conclude the agreements. Korea has already concluded shipping agreements with 14 countries including the U.S. and Germany and it will soon sign with 6 more including Bulgaria and Israel.