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According to Yonhap News,

(SEOUL=Yonhap News) The Korea Trade-Investment Promotion Agency (KOTRA) and the European Bank for Reconstruction and Development (EBRD) will cooperate in supporting companies in emerging countries.

On May 10, KOTRA announced that it signed MOU with the EBRD to boost cooperation in supporting companies in emerging countries on the previous day in Sarajevo, the capital of Bosnia and Herzegovina--where the EBRD's annual conference was being held.

The EBRD was established to promote transition to market-oriented economies in the countries of eastern Europe and former Soviet states.

The two organizations agreed to carry out a program to match SMEs in 29 EBRD recipient countries with Korean companies to help enhancing their capabilities and promote trade, as well as a program to discover Korean advisers to offer consulting to SMEs in those countries.

KOTRA expected that this agreement would enhance economic cooperation by combining the strength of Korean companies and the needs of emerging countries, including the Commonwealth of Independent States (CIS) and North Africa, while laying the foundation for Korean companies to enter the markets of these countries.

In particular, KOTRA plans to support technology cooperation and trade between companies from EBRD recipient countries and Korean companies in the electronics, ICT, and automobiles sectors on the occasion of "Innovation Industries 2019" slated for the second half of this year in Songdo, Incheon.

KOTRA President Kwon Pyung-oh said, "We will expand cooperation with international organizations such as the EBRD to set a new model of economic cooperation allowing for mutual growth with emerging and developing countries."



eun@yna.co.kr

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Source Text

Source: Yonhap News (May 10, 2019)

** This article was translated from Korean.