Standard Chartered has signed a memorandum of understanding (MoU) with the Korea Trade Insurance Corporation (KSURE) in Abu Dhabi, United Arab Emirates (UAE). Under the agreement, Standard Chartered will provide strategic support for Korean companies that have trade and investment activities in Africa.
Figures from 2009 show that over the past five years, trade activities between Africa and Korea have grown by 37% to over US$13bn, according to the Korea International Trade Association (KITA). In addition, South Korea’s direct investment in Africa amounted to US$580m in 2009, according to the Ministry of Strategy and Finance (MOSF). The signing of this MoU is expected to pave the way for more Korean companies to strengthen ties and economic relationships across Africa.
At the ceremony, Sun-Ki Kim, executive director, KSURE, and Mike Hart, regional chief executive officer (CEO) Africa, Standard Chartered Bank, signed the official MoU. Also present was Park, Young June, the vice-minister of Ministry of Knowledge and Economy, Korea.
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