South Korea is eager to boost joint industrial partnership with Iran, especially in ICT, steel, oil and gas sectors, Joo Hyung-hwan the Korean minister of trade, industry and energy said.

In a meeting with Valiollah Seif the governor of the Central Bank of Iran here on Sunday, the Korean official expressed his country’s eagerness to launch joint ventures with Iran in shipbuilding, automobile production, hospital construction, and vocational education.

He also said that Iranian banks will continue operation in South Korea thanks to the lifting of sanctions against the Islamic Republic.

During the meeting, the two sides discussed ways to enhance banking cooperation and open lines of credit to facilitate bilateral trade.

Trade between South Korea and Iran tumbled to $6.2 billion last year from $17.4 billion in 2011 due to the sanctions.