This undated file photo, provided by Yonhap News TV, shows the Ministry of Trade, Industry and Resources headquarters in the central city of Sejong. (Yonhap)
SEOUL, Nov. 25 (Korea Bizwire) — South Korean construction and engineering companies will explore potential collaboration opportunities with multilateral development banks (MDBs) for overseas infrastructure development projects, officials said Tuesday.
Some 100 Korean firms are set to attend the two-day 2025 MDB Project Plaza event, which will run through Wednesday in Seoul to introduce MDBs’ global infrastructure projects in the transportation, energy and environment sectors, according to officials from the government and the Korea Trade-Investment Promotion Agency (KOTRA).
MDBs are international financial institutions created to provide development financing for economic development in low-income countries that includes poverty reduction, infrastructure development and climate-related projects, among others.
“MDBs serve as a beacon connecting South Korea, which has extensive project experience and technological expertise, with developing countries seeking economic growth that jointly form a global project procurement market worth US$40 billion,” said Kim Jong-chul, director general for international trade relations at the industry ministry.
“The government will provide full support to help Korean companies cooperate with MDBs and break into new markets in Africa, Central Asia and Latin America for fresh opportunities.”
(Yonhap)