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Dubai office of Export-Import Bank of Korea opens at DIFC

DUBAI — Export-Import Bank of Korea yesterday launched its first Middle East representative office at the Dubai International Financial Centre (DIFC). The bank was registered as an Ancillary Service Provider (ASP) by the Dubai Financial Services Authority in April last year.

The Export-Import Bank of Korea is the official export credit agency established by the Korean Government in 1976. Its objectives are to develop the Korean economy by extending financial support to export and import transactions, overseas investments and the development of natural resources. The bank also seeks to enhance economic co-operation with other countries.

Dr Omar bin Sulaiman, director-general of the DIFC, said: "The DIFC is the ideal base from which to support and encourage Korean entrepreneurship and commerce in the UAE and wider region and I am pleased that this opportunity has been realised by Dr Dong-Kyu Shin and his team. We are building an international financial community for the 21st century, one where institutions such as the Export-Import Bank of Korea can build on existing relationships with governments, multilateral agencies and the private sector."

"Dr Dong-Kyu Shin, chairman & president of the Export-Import Bank of Korea said: "We seek to support Korean ventures throughout the region, as we have throughout the world, and we believe that the DIFC represents the ideal base for the Export-Import Bank of Korea's Middle East operations. We have a broad network of representative offices around the world that support international relations, Korean business and, therefore, the economies of each market."