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Korea Seeks Japanese Funds to Finance Overseas Projects
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The Korea Trade Insurance Corp. (K-Sure) is seeking to attract Japanese
investment to help finance overseas projects of South Korean builders and other
companies, the state-run company said Friday.
To that end, a memorandum of understanding (MOU) was signed Friday with Japan's Bank of Tokyo-Mitsubishi UFJ that will lead to increased investment by the Japanese bank in overseas projects of South Korean companies, according to K-Sure.
The company said the latest agreement, together with similar MOUs signed in 2010 with Japan's third-largest Mizuho Corporate Bank and Sumitomo Mitsui Banking Corporation, could help secure up to US$2.2 billion for South Korean companies.
The total amount of project financing by the three Japanese banks reached $23.5 billion in 2011, accounting for 11 percent of the global total, K-Sure said.
"We will actively seek various ways for our companies to use low-interest Japanese funds, partly to make up for worsening conditions for their exports caused by the continued depreciation of the Japanese yen," it said in a press release.
The South Korean won appreciated 19.6 percent against the Japanese yen in 2012 alone, making South Korean products more expensive than their Japanese competitors in overseas markets.
Source Text
Date
2013.02.08
To that end, a memorandum of understanding (MOU) was signed Friday with Japan's Bank of Tokyo-Mitsubishi UFJ that will lead to increased investment by the Japanese bank in overseas projects of South Korean companies, according to K-Sure.
The company said the latest agreement, together with similar MOUs signed in 2010 with Japan's third-largest Mizuho Corporate Bank and Sumitomo Mitsui Banking Corporation, could help secure up to US$2.2 billion for South Korean companies.
The total amount of project financing by the three Japanese banks reached $23.5 billion in 2011, accounting for 11 percent of the global total, K-Sure said.
"We will actively seek various ways for our companies to use low-interest Japanese funds, partly to make up for worsening conditions for their exports caused by the continued depreciation of the Japanese yen," it said in a press release.
The South Korean won appreciated 19.6 percent against the Japanese yen in 2012 alone, making South Korean products more expensive than their Japanese competitors in overseas markets.
Source Text