On September 6, a memorandum of understanding was signed between EXIAR (part of the Russian Export Center Group) and the Export-Import Bank of Korea (KEXIM). The document was signed at the Eastern Economic Forum by Alexey Tyupanov, Executive Director of the REC Group and CEO of EXIAR, and Hong Young-Pyo, Acting Chairman and President of KEXIM.
The document sets out plans for the organizations to work together on long-term projects, and set up information and staff exchange programs.
"This agreement with the Export-Import Bank of Korea marks a significant step forward in our efforts to establish cooperation channels with the world’s biggest ECAs. South Korea is one of the Asia Pacific’s leading economies. On top of that, it is an export-oriented economy, with a focus on growing production of high-tech products. I firmly believe that by working together on projects, we will be building an environment conducive to the expansion of non-commodity exports, which will in turn have a wider positive effect on subsequent economic cooperation between our countries."
The memorandum lists a number of future projects which are currently being reviewed by EXIAR and KEXIM. It also sets out the efforts the two organizations will make in organizing financing involving both EXIAR and KEXIM.
"I am confident that the agreement signed today will serve as an important step forward on the path to building new forms of cooperation between Korean and Russian companies, and raising their competitiveness in the wider global market. It is my hope that by working together on financing and exchanging information, we will be able to build strategic relations and economic cooperation between our countries, which will, in turn, lead to a growth in the export potential of both countries."