SEOUL, Korea – Luis Alberto Moreno, President of the Inter-American Development Bank (IDB) and Mr. Suk Woo Hong, Chief Executive Officer of the Korea Trade-Investment Promotion Agency (KOTRA), signed a memorandum of understanding (MoU) during the Korea-LAC Business Forum to join efforts for initiatives and programs to promote exports and investment, as well as trade facilitation and better logistics in Latin America and the Caribbean.
The IDB and KOTRA have built up a partnership to develop and organize trade and investment promotion missions. The institutions will collaborate in areas of business partnering, capacity building and knowledge transfer and the promotion of Latin American agricultural products and the Korea-LAC Business Forum 2011. The accord sets a solid foundation to enable public and private sector cooperation between Korea and the Bank’s borrowing member countries in areas ranging from market access to procurement opportunities within IDB-financed projects.
KOTRA is a public corporation of the Republic of Korea government that has comprehensive trade and investment promotion activities. KOTRA has been supporting a range of projects aimed at transferring its trade and investment promotion knowledge to emerging countries and encouraging Korean private sector companies to participate in worldwide economic development projects.
The IDB Group, the main development institution in Latin America and the Caribbean, with numerous ongoing initiatives on promoting integration and trade throughout the region, will bring its own extensive expertise and resources to the partnership. Through this accord, the IDB aims to foster stronger business relationships between Korea and its borrowing member countries to enhance the regions' economic and social development.