TEHRAN, May 03, (Shana) — Central Bank of Iran (CBI) and the Korea Development Bank (KDB) high ranking official signed a Memorandum of Understanding to increase all-out ties.
In a signing ceremony held on Monday, Gholamali Kamyab, deputy governor of the CBI for foreign exchange affairs and Lee Dong-Geon an official affiliated to the KDB signed the cooperation document.
During the ceremony, Kamyab expressed hope that the cooperation document between CBI and KDB will help development of trade between Tehran and Seoul.
Increase of banking relations between Iranian and South Korean banks is necessary for development of trade exchange and joint investment between the two states, he added.
The official said that during the sanctions era, Iran boosted ties with the eastern bloc countries and Tehran is committed to developing relations with them in the post-sanctions era.
The Korean official for his part said that KDB is ready to help Iran’s industrial development.
The MoU signed between CBI and KDB is a beginning for making sustainable ties between Iranian and Korean banks.
Korea Development Bank is a wholly state-owned policy bank in South Korea. It was founded in 1954 in accordance with the Korea Development Bank Act to finance and manage major industrial projects to expedite industrial development and enhance the national economy.