MIGA Announces Representative in Seoul
Move underscores deepening relationship with Korea
View the press release in Korean
Washington, March 15, 2013—The Multilateral Investment Guarantee Agency (MIGA), the political risk insurance arm of the World Bank Group, announced today Ms. Junglim Hahm has joined the Agency as its representative in Seoul, a move that highlights Korea's significance as a strategic market for outward investment.
Hahm's appointment underscores MIGA's commitment to strengthen engagement with Korean investors seeking to expand into emerging markets. "Korean companies and financial institutions are increasing their focus on overseas projects and investments as part of their growth strategy, and Junglim Hahm will be available to assist them," said MIGA's Executive Vice President Izumi Kobayashi in announcing the appointment. She noted, "MIGA can help support eligible investors and offer significant credit enhancement through its political risk insurance—allowing companies to diversify their financing sources, reduce the cost of capital, and mitigate country risk."
The Agency has been increasing its outreach to corporates, banks, and other entities in Korea. In recent years, MIGA signed memoranda of understanding with the Ministry of Knowledge Economy, the Korea Development Bank, the Korean Ministry of Land, Transport, and Maritime Affairs, and the Korea Eximbank to further broaden the Agency's support to Korean investors through cooperative marketing and business development. MIGA has already seen an uptick in inquiries from Korean investors for projects around the world, including in Africa, South Asia, and the Middle East. Korean outbound investment accounted for $20 billion in 2011—the fifth largest source of outbound FDI from Asia.
Hahm’s appointment also follows the announcement last October of the opening of a World Bank Group office in Seoul to strengthen joint efforts between the World Bank Group and Korea to find sustainable development solutions for emerging countries. MIGA will work closely with colleagues from the World Bank and IFC to deepen its strong partnership with Korea and find meaningful ways of working together with Korean partners.
MULTILATERAL INVESTMENT GUARANTEE AGENCY
A Member of the World Bank Group
1818 H Street, NW, Washington, DC 20433
Mallory Saleson, MIGA
Tel: +1 202 473-0844
Rebecca Post, MIGA
Tel: +1 202-473-1964
Cara Santos Pianesi