|SUBJECT||Opening Ceremony held for Manila Representative Office|
□ On Oct. 13, Korea Eximbank (www.koreaexim.go.kr, Chairman & President Yong Hwan Kim) celebrated the initiation of operations of its Representative Office in Manila, Philippines.
○ The Manila Representative Office will serve as an outpost for economic cooperation between the two countries through arrangement services for export-import activities and overseas investments of local business operations of Korean companies as well as through identification of infrastructure development projects such as airports and railroads prioritized by the Philippine government for EDCF support.
□ Approximately, 120 people attended the opening ceremony, including Chairman & President Yong Hwan Kim, Ambassador to the Philippines Hye-min Lee, Minister Cayetano W. Paderanga of the Economic Development Agency, Minister Cesar V. Purisima of Ministry of Finance, Minister Rohelio L. Singson of the Public Works & Road Department, Minister Proceso J. Alcala of the Agriculture Department, Senator Edgardo J. Angara, and Senator Franklin M. Drilon.
□ Chairman Kim stated in his opening address, “A longtime ally, the Philippines was among the first to dispatch soldiers during the Korean War, 7,500 soldiers to be exact. It is a country with abundant agricultural and mineral resources and English-speaking human resources. By combining such resources with the advanced technologies and capital of Korea, we can achieve impressive results as mutually beneficial partners for growth.”
□ Speaking after Chairman Kim, Minister Paderanga stated, “The Philippine government has actively sought foreign direct investments, particularly in the areas of infrastructure development such as power plants, railroads, and harbors. We hope Korea Eximbank, which recently provided large-scale financing for power plant construction in Cebu, will provide even greater supports for infrastructure development projects through the bank’s newly established representative office.”
□ In addition to opening the new office, Chairman Kim signed a USD 13 million EDCF loan agreement with Finance Minister Purisima for the Laguindingan Airport Air-Navigation System and Support Facilities Supply Project.
○ Laguindingan Airport is anticipated to begin operations in 2012 through EDCF support for an air-navigation system meeting International Civil Aviation Organization standards. Once completed, increased accessibility to Mindanao Island is hoped to further increase tourism to the northern coastal areas of the island, a popular tourist destination.