From the left: Hee-sung Yoon (Chairman & President, KEXIM - Export-Import Bank of Korea), Marek Tomczuk (Member of the Management Board, BGK), Beata Daszyńska-Muzyczka (President, BGK) and Inho Lee (Chairman & President, K-SURE).

Polish developlent bank and South Korean financial institutions sign MoU

17 lipca 2023

Warsaw, Poland: On July 13th, the Polish development bank (BGK), Export-Import Bank of Korea (KEXIM) and Korea Trade Insurance Corporation (K-SURE) signed a Memorandum of Understanding (MoU). The parties to the agreement committed themselves towards comprehensive strategic cooperation, particularly in such areas as infrastructure, industrial development and renewable energy.

Poland’s BGK and two South Korean government financial institutions – KEXIM and K-SURE signed a Memorandum of Understanding (MoU) on July 13th, 2023. The parties to the agreement committed themselves to cooperate closely, which will result in discovering business opportunities in sectors such as infrastructure, industrial development and renewable energy. The agreement is also intended to promote economic cooperation, including foreign investment and trade. BGK, KEXIM and K-SURE also want to jointly seek financial support for export ventures of both South Korean and Polish enterprises. This will, according to the parties to the agreement, strengthen business relations between the two countries. The document also mentions the co-financing of projects that will benefit Poland and neighbouring countries, such as reconstruction and modernisation of Ukraine.

The Polish development bank is dedicated to a long-term and fruitful cooperation with South Korean partners. I am confident that the projects co-financed by our institutions will strengthen economic relations between Poland and South Korea. They will also contribute to global expansion of both Polish and Korean businesses. Moreover, I do believe that our cooperation will have a positive impact on the economic development of Central and Eastern Europe, including the Three Seas region

- said Beata Daszyńska-Muzyczka, BGK President of the Management Board.

South Korea is the second largest non-European foreign investor in Poland. In 2022, Polish-Korean trade turnover reached a record value of USD 10 billion. In 2021 it was announced that South Korea, among other non-European countries, is interested in cooperating with the Three Seas Initiative (3SI) member states within the initiative.

State-run Export-Import Bank of Korea (KEXIM) is mandated to provide funding for cross-border trades, overseas investments and resource development. The Korea Trade Insurance Corporation (K-SURE) is the official export credit agency of South Korea under the Ministry of Trade, Industry and Energy. It operates various trade insurance programs to cover the risks arising from trade.

BGK is the Polish development bank which supports sustainable social and economic growth in the country. It develops partnership cooperation with key foreign and international institutions, i.e. EIB, EIF, European Commission, International Monetary Fund, World Bank and banking sector organisations – AECM, ELTI and EAPB. It was the first bank in the EU to receive the so-called pillar assessment, i.e. EC accreditation for direct management of EU funds. BGK is also a recognized issuer of bonds on the European market. In May 2023, after receiving a rating from Moody's, the bank's debt securities debuted on the Japanese and American markets. BGK also builds and maintains good relations with business institutions from Ukraine.

The Three Seas Initiative is designed to promote cooperation between 12 EU member states and their partners in energy, transport, and digital sectors. in 2019 3SI Investment Fhund was set up to improve the region’s connectivity and accelerate investments in infrastructure projects.

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