The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman EUN, Sung-soo, “Korea Eximbank”) announced that it held the “Bangladesh Infrastructure Investment Promotion” in Seoul on July 17.
Co-hosted by Korea Eximbank, Korea Overseas Infrastructure & Urban Development Corporation (KIND), Hongkong and Shanghai Banking Corp (HSBC) and Sherman & Sterling, the event was aimed at boosting Korean companies’ advance into the infrastructure market in Bangladesh.
A total of 150 people attended the event, including representatives from major public infrastructure companies and construction companies in Korea and officials from Bangladeshi Ministry of Finance, Ministry of Power, Energy & Mineral Resources, Bangladesh Power Development Board (BPDB), Petrobangla, Public-Private Partnership Authority (PPPA), Bangladesh Investment Development Authority (BIDA), Infrastructure Development Company Limited (IDCOOL), IFC and ADB.
Bangladesh is emerging as a new key strategic country at a time when many Korean companies are shifting their strategic focus from the Middle East, a traditional hub for infrastructure business, to Southeast Asia. Such move is attributed to high demand for infrastructure development and a sound legal and institutional environment in the country.
At this event, participating institutions shared knowledge in their field of expertise. Korea Eximbank presented a variety of financial support models that only the bank can offer to Bangladesh's infrastructure projects such as the Economic Development Cooperation Fund (EDCF), export financing and equity investment.
KIND explained its business development strategy based on F/S support and equity investment that can be provided for Korean companies intending to make entry into infrastructure development projects in Bangladesh.
HSBC and Sherman & Sterling explained infrastructure market trends and major legal issues in Bangladesh, respectively.
BPDB, PPPA, and IDCOOL introduced major infrastructure candidate projects such as power generation, roads, and ports, and procedures for PPP projects in detail.
IFC and ADB shared their financial support cases of infrastructure projects in Bangladesh and covered major risks therein.
.
In addition, Bangladeshi entities and Korean companies had "direct face-to-face networking meetings" for cooperation in projects such as power generation, roads, ports and railways.
A Korea Eximbank official said "Bangladesh is a country with excellent infrastructure market potential backed by high economic growth rates averaging 7% for the past three years, fiscal soundness and favorable legal and institutional environment for PPP projects." He added "As such, the infrastructure market in Bangladesh has recently been drawing attention. So, Korea Eximbank enlisted Bangladesh as one of its key strategic countries while a number of Korean companies also selected it as their target country."
To better understand Korea's capacity in infrastructure project development, Bangladeshi participants are scheduled to check Korea Gas Corporation Incheon Terminal, Busan New Port and Hyundai Rotem plants in Changwon on the following day.