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Korea vows to support Iran in development of capital markets

A senior financial regulator said Tuesday that South Korea will support Iran in the development of its 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 international sanctions on Tehran earlier this year.

Jeong made the comments in a meeting with Shapour Mohammadi, 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 aggressively working on infrastructure and development projects.

President Park Geun-hye visited Tehran in May and met with her Iranian counterpart.

Industry data showed that the trade volume between Korea and Iran stood at $6.1 billion in 2015, down sharply from $17.4 billion in 2011 due to the sanctions. (Yonhap)

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