Financial resources that promote investment between Central America and Korea, some of the main results of CABEI's tour in the country
During the mission, CABEI inaugurated its representative office in Seoul and concluded cooperation agreements on issues of importance to the region.
Tegucigalpa, July 18th, 2022.- Consolidating its role as the bridge of opportunities between the region and the world, the Central American Bank for Economic Integration (CABEI) recently concluded a successful mission in its member country South Korea, inaugurating its ninth representative office in Seoul and signing several agreements to benefit various sectors in Central America.
This was announced on Monday by CABEI Executive President, Dr. Dante Mossi, during a meeting with the region's media, to whom he provided details of the seven memorandums of understanding signed with various Korean ministries, institutes and corporations.
"The historical support of the Republic of Korea and its support in the development of initiatives in the countries of the region is of great importance for our region as it is a highly developed country that allows us to learn from their experiences to replicate them in our countries. We are very pleased with the results of this tour, with which we were able to deepen our cooperation relations in areas of importance to the region, such as technology, agriculture, energy, construction and food security, among others," said Mossi.
The first agreement was reached with the Ministry of Economy and Finance (MoEF), with whom it was agreed to increase the availability of financial resources for up to US$600 million from the Korea Cofinancing Facility for Central American Development, which is used to co-finance infrastructure projects in CABEI member countries.
An agreement was also reached with the Korean Eximbank to join efforts to increase the flow of resources through the region's private sector to facilitate the purchase of goods and services from Korean companies, including those in the electromobility sector to contribute to the fight against climate change.
In addition, the Ministries of Science and Information Technology and Communications, and of Oceans and Fishing (MOF) agreed to support the preparation of feasibility studies for projects, establish master plans and explore investment opportunities in the region, as well as the exchange of experiences.
While with Korea's Environmental Industry and Technology Institute its support through technical assistance for the preparation of environmental projects and policies on climate change; with the Global Green Growth Institute (GGGI) the exchange of technical expertise for the development, analysis and monitoring of operations that contribute to climate change mitigation and adaptation; and with the Korean Urban Infrastructure and Development Corporation (KIND) non-exclusive collaboration framework to share information and advice on planning and implementation of policies, projects, feasibility studies, and master plans in this area.
CABEI's tour of the Republic of Korea lasted from July 4 to 13 and included ten visits and meetings in the cities of Busan, Ulsan and Seoul with top representatives of companies that have expansion plans. In the city of Busan, the representatives of the member countries of the Bank were able to learn about the country's application to host the World Expo 2030 in this port city.