South Korea’s trade ministry has vowed to boost support for local firms trying to export to Iran after sanctions were lifted on the Middle Eastern country.

The ministry also vowed to assist companies exporting to countries that have free trade deals with Seoul as part of measures to stem falls in exports.

Minister Joo Hyung-hwan added his ministry would subsidize firms in newly emerging industries such as healthcare and cosmetics, by providing support in research and development.

South Korea will also hike investments in the semiconductor and entertainment sectors.

Officials though voiced concern over trade barriers in the steel industries of the U.S. and India.