SEOUL, Aug. 21 (Korea Bizwire) – With the partnership between the Export-Import Bank of Korea (Korea Eximbank) and the Investment Corporation of Dubai (ICD), it is expected that Korean firms will expand their business opportunities in infrastructure and energy market in overseas including the Middle East.
According to the Eximbank, it has signed a memorandum of understanding with ICD to explore international investments and export finance opportunities. Their partnership will initially focus on the health care, infrastructure and energy sectors.
ICD, the sovereign wealth fund of Dubai, established to control the investment portfolio of the Dubai government and to invest its fund of US$70 billion, now owns Emirates Airlines, Emirates National Bank of Dubai, Dubai Islamic Bank and Borse Dubai.
By the revision of the Export-Import Bank of Korea Act at the end of last year, the bank could make direct or indirect investments and selected ICD as its first partner for joint investments.
Commenting on the venture, Lee Duk-hoon, chairperson and president of Eximbank, said, “We believe that this partnership provides competitiveness to Korean companies by securing funds from the Middle East. Teaming up closely with a partner who can offset each other’s insufficiency, we can create investment opportunities in the potential markets.”
In particular, the two financial institutions are expected to develop their partnership on the business sectors involving the Korean Wave, infrastructure, energy and health care in Northeast Asia, Central Asia and Africa as well as in the Middle East.
As a pilot project, they are pioneering the supports for Korean hospitals to advance into Dubai.
By John Choi (email@example.com)