South Korea’s leading economic organization will establish an Iran desk and vice versa to expand economic cooperation in the private sector.

The heads of the Korea Chamber of Commerce and Industry and the Iran Chamber of Commerce, Industries, Mines and Agriculture adopted a memorandum of understanding on the matter in Tehran on Tuesday.

The Iranian chamber coordinates international relations in all economic areas, including industry, mining, trade, services and investment.

With the latest deal, an Iran desk will be set up within the Korea Chamber of Commerce and Industry and a Korea desk will be established within the Iranian chamber.

The desks will provide the latest information on trade and investment to companies seeking to make inroads into each other’s countries. They will also look into problems suffered by companies that are already operating in the other country and present recommendations to their governments.