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S. Korea, Britain to launch dialogue for investment cooperation

According to Yonhap News,

South Korea's finance ministry said Thursday it has agreed with Britain to launch a dialogue for investment cooperation as the two countries seek to expand bilateral ties.

First Vice Finance Minister Kim Byoung-hwan signed the memorandum of understanding with his British counterpart, Lord Dominic Johnson, during their meeting in London on Wednesday (Britain time), according to the Ministry of Economy and Finance.

The dialogue will serve as a channel to promote investment between the two countries, the ministry said.

"The dialogue will pave the way to establish a favorable investment environment by introducing opportunities to businesses and financial institutions of both countries," Kim said in a statement.

On the margins of the event, the two countries also inked an agreement for the Knowledge Sharing Program, which centers on sharing South Korea's experience of economic development with partners.

During his trip to London, Kim also pledged to contribute US$50 million to a special crisis fund of a European multilateral bank to support the reconstruction of Ukraine.

Kim signed the letter of intent with Jurgen Rigterink, the first vice president of the European Bank of Reconstruction and Development, making South Korea the fourth-largest contributor to the Crisis Response Special Fund operated by the bank, following the United States, Norway, the Netherlands and Japan.

The latest contribution came as the South Korean government pledged to contribute $2.3 billion to the reconstruction of Ukraine.

Kim pledged to roll out additional reconstruction projects for Ukraine by utilizing South Korea's Economic Development Cooperation Fund as well.

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Source: Yonhap News (February 8, 2024)

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