MOU Signed for Strategic Project Cooperation
in Climate Change Response and Digital Transformation
The Korea Trade-Investment Promotion Agency (KOTRA) announced on November 19 that it has signed a Memorandum of Understanding (MOU) with the Central American Bank for Economic Integration (CABEI) at the CABEI Seoul office in Yeongdeungpo-gu, Seoul. Through this agreement, both organizations have pledged to jointly support Korean companies in participating in projects in Central America.
On November 19, at the Korea office of the Central American Bank for Economic Integration (CABEI) in Seoul, KOTRA Vice President and Head of the Industrial Innovation Growth Headquarters, Myunghee Kim (right), and Hicela Sanchez, President of the Central American Bank for Economic Integration (CABEI) (left), are taking a commemorative photo after signing the Memorandum of Understanding (MOU) between KOTRA and CABEI. KOTRA
CABEI is a multilateral development bank established in 1960. It has 15 member countries and works to promote economic integration and development in the Central American region. Korea became a non-regional member of CABEI in 2019 and currently holds a 9% stake in the bank.
Under this MOU, the two organizations will cooperate to encourage the participation of Korean companies in CABEI projects. In particular, they will leverage KOTRA's network to identify Korean companies in areas such as decarbonization, water resource management, and waste treatment. They will also collaborate to share information and expand procurement opportunities for investments in climate change response, sustainable infrastructure development, and digital transformation (DX), as well as to hold joint seminars and promotional events.
KOTRA explained that it will invite CABEI officials as speakers at the 'Multilateral Development Bank (MDB) Project Plaza' to be held on November 25-26, and will also organize business meetings between CABEI and Korean companies during the event.
KOTRA further stated that there is strong and ongoing demand for large-scale investments by Central American countries to improve and expand aging infrastructure, resulting in a growing market for infrastructure development, renewable energy, and manufacturing plant projects. Many projects in Central American countries receive support from multilateral development banks such as CABEI, the World Bank (WB), and the Inter-American Development Bank (IDB).
A KOTRA official said, "Korean companies can participate in a variety of sectors, including key infrastructure projects in Central America, by utilizing MDB funding and local partnerships. We will continue to pursue follow-up initiatives to support the active participation of Korean companies."
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