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Iran’s media reported  that South Korea’s Woori Bank has opened a Korea Desk in Iran’s capital Tehran to provide services for South Korean companies over their Iran business.

 South Korea’s Woori Bank has launched a “Korea Desk” in Tehran to help Korean companies over their business activities in the Islamic Republic.   

The move, a first by a foreign bank for post-sanctions activities in Iran, has been announced by the Central Bank of Iran (CBI).  The CBI added that Woori Bank, which is one of major commercial banks in South Korea, has launched the Desk at a domestic bank in Tehran.

This will help the bank to relay financial regulations and market information in Iran to Korean companies and in Korea to Iranian firms.

CBI Deputy for Foreign Currency Affairs Gholam-Ali Kamyab has been quoted by the media as saying that the move could prepare the ground for the opening of Woori branches in Iran.

South Korea’s media reported in early March that a deal is in the pipeline between Woori Bank and Iran’s second largest lender Bank Pasargad to set up a Korea Desk.

The initiative was also described as a temporary market-probing arrangement to provide services for Korean companies ahead of their full entry into the Iranian market.

Woori Bank would decide by the end of this year whether to open a branch or incorporated entity in Iran after the trial service, reported South Korea’s media in March.

Korean companies will be able to use Woori Bank’s service in the Iranian bank or the Korean bank’s outlets in neighboring cities of Bahrain and Dubai for their businesses in Iran, reports added.

Woori Bank has been aggressively seeking to advance into countries in the Middle East. It is one of two Korean banks where the Central Bank of Iran has accounts. After U.S. dollars were banned in direct trading with Iran, companies in Iran and Korea have been trading with each other in dollars indirectly through these accounts.

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Spanish Secretary of State for Trade met and talked with Mohammad Khazaei, President of Organization for Investment, Economic and Technical Assistance of Iran.
Mohammad Khazaei pointed to the potential for high investment in Iran and added  Spain is willing to invest in Iran's insurance coverage with no limitation.
Mutual economic cooperation, investment in automobile parts, tourism industry, petrochemicals, oil and gas, and financial cooperation, particularly insurance coverage, were among the issues discussed in the meeting, he said.The volume of bilateral trade has declined since 2011 and we are trying to increase the volume of trade relations to $3 billion,he added.
Spain's economy is a great economy and it is necessary that the two countries' banks, which did not work together for a long time, become familiar with each other to facilitate investment, Khazaei stressed.
It was agreed that Spain's banking board would begin serious negotiations to renew relationships and facilitate financial transactions with the banking system of our country, he added.
In the meeting, García-Legaz, Spanish Secretary of State for Trade, expressed his country's interest to expand economic cooperation and investment with Iran.
Spain is ready to cover the funding needed to provide investment in Iran, he stated, adding: the financial measures are scheduled to take place from October.
Investment in petrochemical sphere is important to us, because we have strong companies that currently operate in various countries including America, García-Legaz stressed.

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Iran's Deputy Industry, Mine and Trade Minister Mojtaba Khosrotaj, heading an economic and trade delegation, arrived in the Lebanese capital, Beirut, on Wednesday.

 Khosrotaj is set to attend an international conference on evaluating the capacities of the Lebanese people living abroad.

In a special panel for introducing Iran, he is also scheduled to introduce the Islamic Republic's capabilities in economic, tourism, industrial, trade, technical and engineering arenas to the Lebanese people living abroad.

While in Beirut, Khosrotaj is to hold separate meetings with several Lebanese high-ranking officials.

Initiated by Lebanon Foreign Ministry, the two-day conference will be inaugurated in Beirut on Thursday.

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