The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Yong Hwan Kim, “ Korea Eximbank”) hosted the Korea Eximbank Seminar for Ambassadors Representing Middle Eastern and African Countries on September 11 at the Seoul Shilla Hotel.

The Seminar, attended by ambassadors of 21 countries, was organized to strengthen networks with partner countries in the Middle East and Africa and to assist Korean firms in widening their presence in these countries.

Chairman Kim expressed a strong commitment toward economic cooperation with Middle Eastern and African countries, offering detailed explanations to the ambassadors about Korea Eximbank schemes to support plant constructions and about the EDCF*.

*Economic Development Cooperation Fund

Chairman Kim said in his welcoming remarks, “The Middle East accounts for over 50% of Korean overseas plant orders, and Africa has unlimited potential for growth. Recently, however, orders awarded to Korean firms fell short of our target in the Middle East, which will adversely impact the already weak Korean construction sector. Korea Eximbank will therefore work full-throttle to support the expansion of these companies into foreign markets by providing high-quality advisory and arrangement services as well as ample financing.”

In response, Mr. Abdulla Al Romaithi, the United Arab Emirates (UAE) Ambassador to the Republic of Korea, commented “UAE is an important export destination and foreign direct investment country for Korea in the Middle East. UAE’s high social overhead capital and active support for foreign investors and businesses will provide an optimal business environment for Korean firms. In particular, Korea Eximbank’s financial support will serve as a strategic platform by which Korean firms will be able to expand business operations in the Middle East.”

While attending the Korea Eximbank-MENA conference hosted by the bank in April 25 this year, Mr. Al Romaithi had suggested to Chairman Kim that a regular consultative meeting of MENA Ambassadors to Korea would be helpful in promoting business between Korea and the Middle East.

Korea Eximbank has been working to help Korean firms expand their presence and build networks in the Middle East and Africa by providing KRW 44 trillion in financing for three years since 2009.

Korea Eximbank will be co-hosting the Fourth Korea-Africa Economic Cooperation Conference with the Ministry of Finance and Strategy and the African Export-Import Bank from October 15 ~ 19 to strengthen networks in Africa and help Korean firms expand in the region.