On Tuesday, March 22, ProColombia announced that a delegation from the Export-Import Bank of Korea (Korea Eximbank) led by its president, Bang Moon-kyu and representatives of the Korean government, is in Colombia to reopen a Representative Office in Bogotá.
The delegation will also hold high-level meetings with which they seek to strengthen financial cooperation between the two nations, as well as the sixtieth anniversary of the diplomatic relationship.
According to information from ProColombia, the Korean executive will hold a meeting with the President of the Republic, Iván Duque Márquez, the Foreign Minister and Vice President, Martha Lucía Ramírez, and the Minister of Commerce, Industry and Tourism, María Ximena Lombana, to identify new opportunities for financial cooperation in projects of infrastructure and energy by adopting the Public-Private Partnership model.
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It should be added that during the Korean mission to Colombia, an Interbank Credit Line Agreement will be signed with the Banco de Occidente in the amount of US$100 million, to facilitate exports and imports between the two countries.
According to data from ProColombia, in recent years, Korea Eximbank financed the Transmilenio information and collection system project (US$121 million) that was installed and operated by LG CNS. As the implementing agency of the Economic Development Cooperation Fund (EDCF), the Asian bank also co-financed with other banks such as the IDB, the Connectivity and Digital Economy Program (US$50 million) and the Sustainable and Resilient Growth Program (US$100 million) in Colombia.
He also reported that more than 50 Korean companies operate in the country, such as Netmarble, the largest video game company in Korea; Tracom, which has supported intelligent solutions projects for public transport in Medellin, and LG CNS, which has been responsible for developing Transmilenio's collection infrastructure in Bogotá or Rans that grows fruit and hass avocado for export purposes, among other firms such as Samsung, Hyundai, Celltrion Health Care. Korean Re and the clinics and cosmetics industry firm Wontech Inc.
According to reports from the Banco de la República and the Balance of Payments in the last decade Korean FDI in Colombia totaled more than US$224 million, although this figure may be even higher given the flow of capital from Korean subsidiaries located in third countries. Korea is the fourth largest issuer of investment from Asia to Colombia.
According to an analysis by ProColombia, as a result of the FTA, 111 new products have been exported to South Korea since July 2016, and 151 companies made their first exports of non-mining-energy products to the Korean market.
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