TEHRAN- Securities and Exchange Organization of Iran (SEO) and South Korea’s Exchange (KRX) signed a memorandum of understanding (MOU) on bilateral cooperation to expand economic ties between the two countries.

The MOU was signed on October 22 in Tehran by Mohammad Fetanat, the president as well as the board of directors’ chairman of SEO, and Kyungsoo Choi, the CEO as well as the chairman of KRX, according to the Mehr News Agency.

The deal consists of many initiatives such as holding joint training workshops for a vast cooperation between SEO and KRX, which is the sole securities exchange operator in South Korea.

Fetanat referred to the old friendship between Iran and South Korea and said signing this MOU is a step to make this friendly relation even deeper.

Based on the initial agreement, a joint task force is planned to be set up for studying different issues such as laws and regulations, information technology, market operation and “Sukuk” (Over-the-Counter stock exchange for the Islamic bonds), the official announced.

In terms of holding joint training workshops, Fetanat said the first training course is scheduled to be held in the South Korean capital city of Seoul in the current Iranian calendar month of Aban (which will end on November 21).

Expanding the activity of its stock market to the international level is a priority of Iran; the official further highlighted, adding that signing the MOU with South Korea is in line with materializing this objective.

For his part, Choi, who traveled to Iran last week along with a number of KRX senior directors, expressed satisfaction over his presence in the Islamic Republic and becoming familiar with the bourse of country.

He said South Korea intends to offer Iran the 60-year experience that has led to the progress and development of its stock market.

The KRX said the MOU will pave the way for South Korea to go into the Iranian financial market, which has emerged as the most potential investment destination since the nuclear deal was concluded in July, according to South Korea’s Yonhap News Agency.

MA