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The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed a memorandum of understanding (MOU) with the Export-Import Bank of Korea (KEXIM) at the 8th Japan-Korea Finance Ministerial Dialogue held in Tokyo today, in the presence of Mr. SUZUKI Shunichi, Minister of Finance of Japan, and Mr. CHOO Kyungho, Deputy Prime Minister and Minister of Economy and Finance of the Republic of Korea (Korea). The MOU aims to strengthen cooperation in the areas of infrastructure development, especially in the Indo-Pacific region, supply chain resilience, and decarbonization, among others.
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KEXIM is a policy-based financial institution wholly owned by the Government of Korea that extends credit in such forms as export loans and guarantees to promote Korean companies’ international trade, overseas investment, etc. The MOU is intended to strengthen cooperation between the two organizations for investment, financing, and project structuring in such areas as the development of quality infrastructure in third countries, especially in the Indo-Pacific region, the establishment of diverse and resilient supply chains, and the achievement of carbon neutrality goals by promoting new and cleaner technologies.
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The Governments of Japan and Korea held three summit meetings from March to May 2023 under the YOON Suk Yeol administration, which took office in May 2022, and they confirmed that they will strengthen their collaboration to address global issues and realize a Free and Open Indo-Pacific. Against this backdrop, JBIC and KEXIM will strengthen their collaborative relationship through the MOU and share knowledge and explore opportunities for collaboration, which is expected to create business opportunities for Japanese companies in the above-mentioned areas.
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As Japan’s policy-based financial institution, JBIC will continue to provide financial support for the maintenance and improvement of the international competitiveness of Japanese industry and initiatives to secure important resources for Japan and preserve the global environment, by assisting Japanese companies in participating in projects, in collaboration with overseas public financial institutions and other organizations.
