Ties with North Africa, Middle East strengthened

Korea Eximbank Chairman Kim Yong-hwan delivers a welcome speech during the Korea Eximbank MENA Conference 2013 at the Conrad Seoul Hotel, Wednesday. / Korea Times photo by Shim Hyun-chul

By Kim Rahn

Officials from energy and infrastructure agencies in the Middle East and North Africa (MENA) have strengthened their partnerships with Korean developers and investment banks in a meeting organized by the Export-Import Bank of Korea (Korea Eximbank).

The Korea Eximbank MENA Conference 2013 began at the Conrad Seoul Hotel on Wednesday for two days, under the theme “The Changing Dynamics of MENA.”

More than 40 top-ranking officials from MENA agencies gathered to discuss development projects with their partners including Korean developers, investment banks and international law firms. Ambassadors or consuls to Seoul from 12 MENA countries also attended.

The conference was designed to offer networking chances to participants as the Middle East is a key market for Korean developers, and is where 59 percent of total overseas contracts were signed last year. Demands for power-related infrastructure are increasing in the region, while North Africa is emerging as a region of new opportunities.

Choo Kyung-ho, vice strategy and finance minister, said the partnership that has been built between MENA and Korea is a valuable asset that will continue to yield dividends in the future.

“As the world economy is going through a transitional period, emerging countries are set to become a new growth engine of the global economy. If MENA and Korea partners combine their strength, I am certain that we can shape our economic system for the new era and help accelerate global economic recovery,” Choo said in a congratulatory speech.

Kim Yong-hwan, chairman and president of Korea Eximbank, said energy policies in the MENA region and the financing environment are changing and thus upgraded partnerships and business strategies are required.

“Rather than confining our role to that of a conventional export credit agency, we have sought to transform ourselves into an innovative one providing a wide range of services tailored to our clients’ changing needs,” he said.

“With innovation as our watchword, we will strive to assist the development of MENA countries into sustainable and diversified economies, as well as supporting Korea’s transition to a creative economy,” Kim said.

Abdulrahman Bin Mohammed Al-Ibrahim, governor of the Saline Water Conversion Corp. of Saudi Arabia, said in a keynote address that desalination is a strategic choice for his country and Korean companies’ participation in desalination industry development and research and development was welcomed.

In three sessions, participants exchanged views on energy policies of MENA countries and ways to diversify funding sources, as well as access information about the emerging North African market.

After the sessions, they had one-on-one meetings where they discussed the sponsors’ planned projects and the feasibility of Korean partners’ participation in them.

Kim also signed a memorandum of understanding with the Islamic Development Bank Group to share project information and promote joint financial support of future projects.