South Korean ambassador: Banking ties with Iran will be restored

Speaking to reporters, he said that after the visit of the Iranian president to South Korea the import of oil from Iran has doubled.

He called for enhanced economic cooperation with Iran, saying that Tehran-Seoul ties should not be limited to commerce and construction, according to IRNA. 

Two South Korean banks are to open branches in Iran to ease financial transactions between the two countries and that the biggest South Korean company active in the field of electricity has established its representative office in Iran, he said. 

The ambassador made it clear that two branches will be set up by the South Korean small banks and that they are not enough and the South Korean companies prefer to do business with big European banks and in Euro currency. 

Both Iran and South Korea should insist on regulating the banking ties after the Joint Comprehensive Plan of Action by the big European banks, he said.

The ambassador said that the current difficulty in banking ties should not be regarded as solid hurdles and that they will be resolved someday. 

South Korean foreign minister has already visited the Islamic Republic of Iran and now Iranian foreign minister is expected to visit Seoul, he said.