29 February 2016 - 13:34
Tehran, Seoul to boost banking ties

TEHRAN, Feb. 29 (MNA) – CBI governor and South Korean minister of trade met in Tehran on Sunday negotiating boosting of correspondent banking relations as well as establishment of credit lines.

At a meeting with South Korean Minister of Trade, Industry and Energy Joo Hyunghwan, the Governor of Central Bank of Iran (CBI) Valiollah Seif appreciated the East Asian country’s collaboration with the Islamic Republic of Iran during sanction years; “in view of the two countries’ cooperation before JCPOA implementation as well as great economic, industrial and trade potentials, the new era will hopefully boost existing ties.”

Seif deemed strengthening of banking ties as prerequisite to bilateral cooperation between the two sides asserting “fortunately, South Korean banks retained relations with Iranian counterparts during sanction years and the ongoing negotiations for defining credit lines will lead to expansion of existing links.”

CBI governor pointed to the upcoming visit of the Korean president to Iran underlining that the trip will mark a turning point in banking ties of the two countries; “we are willing to provide necessary conditions for deepening correspondent banking relationship prior to the trip.”

Regarding the settlement mechanism between the two countries, the official proposed the creation of a joint account at central banks of Iran and South Korea as the settlement basis between the two sides.

Minister of Trade, Industry and Energy of South Korean Joo Hyunghwan, for his part, noted that the session aims to discuss issues related to the future prospects of Korea’s economic relations with Iran setting the framework for credit lines between the two parties.

The South Korean official stressed that his country is willing to cooperate with Iran in various trade and economic fields adding “possible venues for cooperation include industrial infrastructures, technology, ICT, construction, automotive, shipbuilding, hospital building, vocational training, steel industry, oil and gas industry as well as power generation and distribution.”

Joo Hyunghwan further emphasized the operation of branches of Iranian banks in South Korea concluding “with the removal of sanctions, all problems and obstacles have been alleviated for Iranian banks to continue activities in South Korea.”




News Code 114865


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