The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Yong Hwan Kim, “ Korea Eximbank”) and Latin Finance magazine* co-hosted the Latin America-Korea Investors Forum (LA-KIF) on September 14 at the Seoul Shilla Hotel.

* A monthly magazine on Latin American Finance headquartered in the United States

The forum was organized to promote partnership between Korea and Latin America across a wide spectrum of economic activities including mutual investments.

Over 150 Latin American and Korean companies and financial institutions participated at the forum, including Korea Eximbank, CABEI, IFC, Americas Petrogas, POSCO Energy, SK E&C and KEPCO.

Participants at the forum took part in panel discussions, actively exchanging views on topics ranging from economic partnership between Latin America and Korea to project financing and investment in Latin America’s infrastructure and natural resources.

Chairman Yong-hwan Kim of Korea Eximbank remarked in his welcoming speech that “Korea and Latin America have mutually complementary economies and industry structures, which promises enormous synergies to be gained from economic cooperation. I hope that this forum will serve as an opportunity to learn more about each other and enhance cooperation between Latin America and Korea.”

Latin America has been growing at 4% in recent years, and is deemed to have unlimited growth potential thanks in part to its rich natural resources and high usage (28%) of renewable energy.

Chairman Kim also signed a Cooperation Agreement on Co-financing with Mr. Enrique Garcia, the president and CEO of CAF* to promote project co-financing.

* Corporacion Andina de Fomento (CAF) is a regional development bank promoting sustainable growth and regional integration of its member countries, consisting of major shareholders in the Andean region (Bolivia, Columbia, Ecuador, Peru, and Venezuela) and 13 associated members in the rest of Latin America, including Chile and Mexico. The institution provides technical support, public loans, financing and other services to its member countries.

The agreement seeks cooperation in such areas as: 1) supporting projects in the green growth, transportation, water and sanitation, agriculture, and energy sectors; 2) implementation of KSP*; 3) information exchange and regular meetings to identify eligible projects for co-financing; and 4) staff exchange.

* Knowledge Sharing Program (KSP) is a Korean model of providing aid to developing countries by sharing Korea’s economic development experience.

A Korea Eximbank official noted, “The agreement will expand the opportunities for Korean firms to participate in Latin American projects by giving them faster access to information on projects in the region.”