South Korea’s export credit agency has signed a memorandum of understanding with Standard Chartered to boost the Asian nation’s trade activities in Africa.
The Korea Trade Insurance Corporate (Ksure) signed the memorandum to ensure support for Korean companies which have trade and investment activities in Africa.
Specifically, export financing and guarantee bond issuing are expected to increase from the agreement.
“I believe cooperation with Standard Chartered will be hugely beneficial for both institutions and will help facilitate closer economic ties between Korean and African businesses,” says Sun-Ki Kim, executive director of Ksure.
Mike Hart, regional chief executive officer, Africa, at Standard Chartered, adds: “We are delighted to be partnering with Ksure, a partnership that will enable us to play an even more significant role in driving the Africa-Korea trade corridor.”
According to figures released by the Korea International Trade Association, trade activity between Africa and Korea has grown to more than US$13bn, an increase of almost 40%, over the past five years.
Korea’s direct investment into Africa came to US$580mn in 2009.
Last Updated October 29, 2010
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