On 27th December 2016, Industrial Development and Renovation Organization of Iran (IDRO) and Daewoo Shipbuilding and Marian Engineering co., Ltd. (DSME) agreed on mutual cooperation for developing shipbuilding Industry in IRAN and signed on the Head of Agreement(HoA).IDRO has been seeking a partner having advanced technologies and experienced in order to build the vessels in IRAN on time for the fleet expansion of Iranian shipping companies and DSME has been selected finally.According to the HoA, both parties will establish a Joint Venture Company(JVC) and the JVC will develop an Iranian shipyard with cooperation of DSME Okpo Shipyard on engineering and construction of the demanded types of vessels by IRAN.Iranian Government said they will strongly support to succeed in this business cooperation, and request for Korean Government and DSME to support on various sectors including financing and providing of material package.In addition, DSME has a good relationship with Iranian shipping companies i.e. NITC and IRISL by means of successful delivery of 38 Vessels valued USD 1.65 bn.​