Hwang made the remarks during a luncheon meeting on Thursday with export company executives and the chief of the Korea International Trade Association, South Korean News Agency ‘Yonhap’ reported.

The South Korean government will make an effort to prop up exports and support local companies make inroads into untapped markets with growth potential, Hwang said.

South Korea’s outbound shipments plunged 12.2 percent in February from a year earlier. Exports have been on a steady decline since the first month of 2015 due to weak overseas demand amid a global economic slowdown and low oil prices.

As part of its efforts to bolster exports, the South Korean government plans to support local small and medium-sized enterprises so they can advance into foreign markets, Hwang said.

Resource rich Iran has started opening its market following the recent lifting of international sanctions.

‘The government will do its part to bolster the competitiveness of its top selling products,’ Hwang said, adding that cosmetics and agro-fishery goods are products with good export potential.

The South Korean prime minister added that the government will also pay attention to medical and cultural contents industries.

Hwang has held meetings with various business representatives regularly since taking office in June 2015 to discuss measures to revive Asia’s fourth largest economy.