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S. Korea to Support Development of Capital Markets

S. Korea to Support Development of Capital MarketsS. Korea to Support Development of Capital Markets

A senior financial regulator said on Tuesday South Korea will support the development of Iran’s capital markets, citing ongoing financial cooperation between the two countries.

Jeong Eun-bo, vice chairman of the Financial Services Commission, said bilateral cooperation has gained further urgency to meet growing financial needs, following the lifting of nuclear sanctions on Tehran earlier this year, Yonhap news agency reported.

Jeong made the statements in a meeting with Shapour Mohammadi, the head of Iran’s Securities and Exchange Organization, in Seoul, though he did not elaborate.

South Korea is seeking business opportunities in Iran, as the oil-rich country is determined to implement infrastructure and development projects.

South Korea’s President Park Geun-hye visited Tehran in May and met with her Iranian counterpart, Hassan Rouhani.

Industry data showed that trade volume between South Korea and Iran stood at $6.1 billion in 2015, down from $17.4 billion in 2011 due to the western sanctions against its civilian nuclear program.

 

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