The Islamic Republic of Iran and South Korea will soon sign an agreement to further boost trade ties and facilitate interaction between the capital markets of the two Asian countries, Press TV reported.
Senior officials of the Central Securities Depository of Iran (CSDI) and the Korea Securities Depository (KSD) will sign off on a memorandum of understanding (MOU) on their business cooperation on September 15.
According to the agreement, Iranian and South Korean depositories will be able to buy and sell long-term debt- or equity-backed securities in each other's capital markets.
In January, South Korean President Park Geun Hye hailed her country's longstanding relations with Iran, stressing that Seoul attaches great significance to the expansion of ties with Tehran in all fields.
In a meeting with Iranian Ambassador to Seoul Ahmad Ma'soumifar, Park described the Islamic Republic as one of South Korea's major commercial partners in the Middle East.
Pointing to the historical and friendly ties between Tehran and Seoul, she noted that 2012 marked the 50th year of the establishment of diplomatic ties between Iran and South Korea.
Park also called for stronger relations between Seoul and Tehran in cultural, educational and sports spheres.
During the meeting, Ma'soumifar said relations between Iran and South Korea over the past half century have always been "friendly and constructive."
Ma'soumifar also expressed hope for the further expansion of ties between Iran and South Korea during Park's tenure.
Follow us on Twitter @TRENDNewsAgency