ICIEC and Korea Trade Insurance Corporation (K-sure) concluded an MOU to support cross border projects between South Korea and ICIEC’s member countries. The agreement was signed on March 4, 2015 in the headquarters of ICIEC in Jeddah, Saudi Arabia.

The MOU aims to promote cooperation between ICIEC and K-sure through reinsurance, co-insurance and/or fronting to facilitate the access of ICIEC’s member countries to capital goods, high technology and the flow of investments from South Korea into ICIEC’s member countries. The agreement aims also to facilitate the exchange of information in the respective markets of the two institutions.

Mr. Kim Young-hak, President of K-sure, said “Korea and the Middle East are partners that share a history of over 50 years of economic relations. Both K-sure and ICIEC will explore areas of cooperation, in addition to the additional ones including energy and construction sectors.” He was optimistic for K-sure to build a “trade finance highway” that would take Korean firms to ICIEC’s member countries markets by working with multilateral Islamic financial institutions such as ICIEC.

Mr. Khemais El-Gazzah, Chief Operating Officer of ICIEC, who signed the MOU on behalf of ICIEC, said “the MOU with K-sure is in line with the priorities of ICIEC to enhance cooperation with export credit agencies in order to support our member countries, especially in promoting foreign direct investment and developmentally impactful cross-border projects.” Such cooperation should add a considerable value to both entities — Korea and ICIEC’s member countries, he further said.