MIGA and Korea Trade Insurance Corporation Sign Cooperation Agreement Promoting Foreign Direct Investment
WASHINGTON, April 26, 2023 – The Multilateral Investment Guarantee Agency (MIGA) of the World Bank Group and the Korea Trade Insurance Corporation (K-SURE) today entered into an agreement to cooperate in promoting foreign direct investment across the globe. The partners will work together to provide co-insurance and reinsurance for projects, especially in the green industry, with a focus on renewable technologies and critical minerals. The agreement was signed at MIGA’s headquarters by Inho Lee, Chairman and President of K-SURE, and Hiroshi Matano, Executive Vice President of MIGA.
K-SURE, a governmental agency of the Republic of Korea established in 1992, is charged with promoting Korean business activities overseas. K-SURE programs include insurance and guarantee products to support exports and cross-border investments. MIGA brings over 35 years crafting guarantees to promote foreign direct investment in developing economies. The partners’ complementary expertise is expected to enable a results-oriented collaboration leading to successful outcomes.
“I am thrilled that MIGA has entered into an agreement to cooperate with K-SURE to identify and support projects that will have significant impact in developing countries,” Mr. Matano said. “We are particularly looking forward to collaborating on green projects that contribute directly to preserving and enhancing the quality of the environment to the benefit of the world.”
The non-exclusive agreement specifies the guiding principles that K-SURE and MIGA will follow to act in areas of common interest. As partners, they will share due diligence regarding joint projects, rely on each other’s work to achieve efficiencies, and seek to develop arrangements to work in standardized roles on projects to repeat successful partnership models. In addition, K-SURE and MIGA will hold consultations on a regular basis relating to potential joint projects, mutually refer potential investors, and plan joint marketing efforts, seminars, and trainings. They will also share staff as appropriate for individual projects.
“It is very meaningful to have an opportunity to lay the foundation for solid collaboration with MIGA with a breadth of investment expertise and know-how accumulated in supporting developing countries,” said Mr. Lee. “Taking this opportunity of MOU signing, both institutions will do our utmost efforts for enhancing the competiveness of domestic mainstay industries and pioneering overseas markets by closely cooperating in seeking project opportunities and pushing projects forward.”
K-SURE was established in July 1992 by the Trade Insurance Act for the goal of promoting trade and overseas investment of Korean enterprises with the mission to boost national competitiveness. K-SURE develops various trade insurance products and value-added services with the aim to contribute to the promotion of Korean exports as well as international trade on a broader scope to proactively deal with a constantly changing environment of global trade.
MIGA was created in 1988 as a member of the World Bank Group to promote foreign direct investment in emerging economies by helping to mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war and civil disturbance; and offering credit enhancement to private investors and lenders.
Since its creation, MIGA has issued over $70 billion in guarantees across 123 developing countries in support of more than 1,000 projects.
Elizabeth Howton, (202) 458-5922, email@example.com
For more information, please visit: https://www.miga.org
Stay updated via Twitter: https://twitter.com/MIGA
Follow us on LinkedIn: https://www.linkedin.com/company/wb-miga