Head of MIGA to Visit Republic of Korea
World Bank Group agency sets sights on supporting Korean outbound investment
View the press release in Korean
Washington; Seoul, October 22, 2013—Keiko Honda, Executive Vice President of the Multilateral Investment Guarantee Agency (MIGA)—the political risk insurance and credit enhancement arm of the World Bank Group—is traveling to Korea as part of her first visit to Asia in an official capacity. She arrives in Seoul on October 25th for talks with investors and lenders on how MIGA can increase its support to Korean firms as they expand their outward investment into emerging markets.
Korea is one of the major investor countries for foreign direct investment (FDI)—ranking 4th in Asia and 13th in the world in terms of outflows. Earlier this year, MIGA appointed Ms. Junglim Hahm as its representative in the country to underscore the country’s significance as a strategic market. The Agency has already issued guarantees to Korean investors for two projects and is working on additional transactions.
“We want to ensure that Korean companies, lenders, and government agencies are aware of how MIGA can mitigate risk and enhance credit,” said Honda. “Korean businesses are important engines of growth and we want to help them maintain their momentum as they create jobs, transfer skills, and build infrastructure across the region and beyond.”
In recent years, MIGA signed memoranda of understanding with the Ministry of Trade, Industry, and Energy the Korea Development Bank; the Korean Ministry of Land, Infrastructure, and Transport; and the Korea Eximbank to broaden the Agency's support to Korean investors through cooperative marketing and business development. MIGA is also working with other members of the World Bank Group in Seoul to strengthen joint efforts between the Group and Korea to find sustainable development solutions for emerging countries.
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