 South Korean migration to Iran grew at an average annual rate of 90% between 1971 and 1977, although the total number of migrants from Korea grew only by an annual average of 18% during that same period; South Koreans departing their home country for Iran composed just 0.2% of all officially-registered emigrants in 1971 (roughly 150 individuals), and only 177 individuals in 1974, but 1.8% (2,402 individuals) in 1975 and 3.4% (6,264 individuals) in 1977.The vast majority were male.Hyundai Construction's first project in the entire Middle East was a 1975 contract for the construction of a shipyard for the Iranian Navy near Bandar-e Abbas, and they and other "chaebol" quickly expanded their business in the region.