Standard Chartered has signed a Memorandum of Understanding (MoU) with the Korea Trade Insurance Corporation (KSURE) in Abu Dhabi, United Arab Emirates.

Under the agreement, Standard Chartered will provide strategic support for Korean companies which have trade and investment activities in Africa.

Figures from 2009 show that over the past 5 years, trade activities between Africa and Korea have grown by 37% to over $13billion, according to the Korea International Trade Association (KITA). In addition, South Korea’s direct investment in Africa amounted to US$580 million in 2009, according to the Ministry of Strategy and Finance (MOSF). The signing of this MoU is expected to pave the way for more Korean companies to strengthen ties and economic relationships across Africa.

At the ceremony, Sun-Ki Kim, Executive Director, KSURE, and Mike Hart, Regional CEO Africa, Standard Chartered Bank signed the official MoU. Also present was Mr. Park, Young June, the Vice-Minister of Ministry of Knowledge and Economy, Republic of Korea.

Commenting on the agreement, Mike Hart, Regional CEO, Africa, Standard Chartered said: “Standard Chartered has a deep local knowledge of both Africa and Korea and is uniquely positioned to leverage on this competitive advantage to support its clients’ financial requirements.

As trade and investment between Africa and Korea continues to grow, Standard Chartered will continue to provide the necessary financial tools and strategic advice to Korean companies doing business in Africa, and African companies doing business in Korea –facilitating strengthening economic engagement in both regions”.

We are delighted to be partnering with KSURE- a partnership that will enable us to play an even more significant role in driving the Africa-Korea trade corridor.”

Also commenting on the agreement, Mr. Sun-Ki Kim, Executive Director, KSure said:  “KSURE underwrote US$130 billion in 2009- the fourth largest figure among ECAs worldwide. I believe cooperation with Standard Chartered will be hugely beneficial for both institutions and will help facilitate closer economic ties between Korean and African businesses.

I believe the partnership between KSURE and Standard Chartered will significantly strengthen cooperation in trade and investment between Korea and Africa, especially in export financing and guarantee bond issuing.”