2nd Vice Minister Moon Jae-do of the Ministry of Trade, Industry and Energy, Deputy Minister for International Economy Choi Hee-nam of the Ministry of Strategy and Financing, and other officials from MOTIE, MOSF, KOTRA and the Federation of Korean Industries pose for the camera at the MDB/Global Development Project Plaza 2015 in Seoul on Sept. 22.(Photo:MOTIE)

The MDB/Global Development Fund Project Plaza 2015 that took place in Seoul from Sept. 22 to 24 attracted around 20 global government project owners from such countries as Vietnam, Cambodia and Bangladesh. 

The MDB/Global Development Fund Project Plaza 2015 was a combination of the Multinational Development Fair and the MDB/Global Development Fund Project Plaza, which were hosted by the Ministry of Strategy and Finance (MOSF) and the Ministry of Trade, Industry and Energy (MOTIE), respectively, until last year. The convergence was designed to make the event more substantial or tailored to meet corporate needs. 

A bevy of global project financing institutions, including the World Bank Group, the Asian Development Bank, the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), as well as regional development banks, including the Industrial Bank of Kuwait (IBK), also participated in the event. 

The MDB/Global Development Fund Project Plaza 2015, organized by Korea Trade-Investment Promotion Agency (KOTRA) and the Federation of Korean Industries (FKI), was held with the objective of not only strengthening cooperation in the industry and resources field to expand inroads into emerging markets, which is part of the national agenda, but also introducing projects with financing potential to Korean companies.  

The participants discussed ways of sharing information on a combined $14.2 billion infrastructure project financing projects and promoting cooperation with interested parties. They included a Czech high-speed telecom infrastructure project, the second phase project of a Bangladeshi road connecting South Asia, a Vietnamese water treatment system restoration and upgrade project in Haiphong and a coastal road construction project in Mumbai, India. Czech Deputy Minister Thomas Novotny of the Ministry of Industry and Trade requested Korean companies’ participation in the construction of the Czech Republic’s high-speed telecom infrastructure involving the EU’s Cohesion Fund. The owners of such projects as the second phase project of a Bangladeshi road connecting South Asia, a Vietnamese water treatment system restoration and upgrade project in Haiphong and a coastal road construction project in Mumbai participated in the event to select contractors. In particular, the Indian project owner toured a coastal road in Incheon and discussed ways of promoting cooperation with Korean companies armed with tunneling construction technology.

Vice Minister Moon Jae-do of the MOTIE, in an opening speech at the event, said, “Korean companies with excellent technology and development experiences are the best project partners that can contribute to the industrial development of emerging economies.” He called for global financing institutions, project owners and Korean companies to join forces in exploring promising projects. Vice Minister Moon also said relevant ministries, including the MOSF and the MOTIE plan to ramp up support to Korean companies’ expansion into overseas projects and financial cooperation with multilateral development banks. 

Deputy Minister for International Economy Choi Hee-nam of the MOSF said the overseas procurement market is very attractive and can offer an unlimited potential to Korean companies when it is compared in terms of size and growth potential. He stressed that companies must be armed with a firm conviction and strategies. 

Executive Vice President for Strategic Marketing Lee Tae-shik of KOTRA said the projects invested in by multilateral development banks are attractive since they can avoid financial difficulties Korean companies suffer, and this event will serve as an opportunity to strengthen cooperative ties with such multilateral development banks and to invigorate Korean companies’ participation in those projects.