EBRD President in talks in Seoul to boost ties with Korean business

By Anthony Williams
@ebrdtony

EBRD President in talks in Seoul to boost ties with Korean business

The President of the European Bank for Reconstruction and Development (EBRD), Sir Suma Chakrabarti, will visit Seoul on 11-12 July 2016 for talks with officials and business representatives from the Republic of Korea with a view to stepping up joint investments  in the EBRD regions with Korean companies.

Korea is a founding member of the EBRD and an important contributor to the Bank's work. The EBRD has already teamed up with a number of  major Korean companies and is eager to further strengthen its ties with Korean industry.

“I would like to deepen this cooperation,” President Chakrabarti said ahead of his visit. “We are keen to strengthen our outreach to Korean companies and work with them on joint investments in our countries of operations.”

The EBRD was set up in 1991, initially to support the transition to open market economies of the countries of central and eastern Europe and the former Soviet Union.

It has since expanded its remit and invests in 36 countries spanning three continents – from Mongolia in Central Asia to Morocco on the Atlantic Ocean, from Estonia on the Baltic to Egypt on the Mediterranean.

President Chakrabarti will hold talks with Finance Minister and Deputy Prime Minister Ilho Yoo, who is also Korea’s Governor to the EBRD.

The EBRD has made investments with Korean companies worth more than €1.6 billion, with a particular focus on Turkey, Hungary, Romania and Kazakhstan. The financing has been primarily in the energy, telecoms, infrastructure and financial institutions sectors.

Korea has also been a strong donor to the Bank, contributing some €25 million to support EBRD projects, mainly in Central Asia.