IIC brings Korean and Colombian companies together to build joint ventures

09/26/2013

Korean and Colombian companies build bridges under IIC’s FINPYME ExportPlus program

Bogotá, Colombia, September 26, 2013 — The Inter-American Investment Corporation (IIC) is helping Korean and Colombian small and medium-sized enterprises (SMEs) explore opportunities for joint ventures through an event currently underway in Bogotá, Colombia.

The two-day event is being held in partnership with local chambers of commerce, the National Association of Colombian Entrepreneurs (ANDI) and the Korean Council on Latin America and the Caribbean (CCALC). It brings together 55 Korean and Colombian SMEs from a wide range of sectors including manufacturing, construction, renewable energy, and information technology. Companies participate in a series of roundtable discussions and bilateral meetings aimed at promoting the establishment of joint ventures.

“This is the kind of event that Colombia needs to foster foreign investment. I am extremely pleased that the IIC is holding this important event to bring together Korean and Colombian companies,” noted Jimena Ortiz, business leader at SIMOUT, one of the participating companies from Cali, Colombia. “It is very encouraging to know that the IIC will be supporting the joint ventures formed as result of this event with technical assistance and potential financing. I hope that there will be more of these events.”

Je Chan Lee, chairman of Hanil TNC Co., a Korean company, added that "this is a fantastic event. I see great prospects for joint ventures with Colombian companies.”

The opening conference was attended by Sung Zu Kang, executive director of CCALC, Jong-youn Choo, ambassador of Korea in Colombia, and Javier Game, representing the Inter-American Development Bank (IDB) Country Office in Colombia at the event. Participating Korean companies learned about the business environment and investment opportunities in Colombia from experts from ANDI and Colombia’s agency for the promotion of exports PROEXPORT.

Since its inception in 2009, FINPYME ExportPlus has helped more than 1000 SMEs in the region raise their export profile and increase their competitiveness. FINPYME ExportPlus complements Inter-American Development Bank (IDB) activities in support of the Aid-for-Trade initiative of the World Trade Organization. The event in Bogotá is possible thanks to funds from the Korea-IIC SME Development Trust Fund.

About the IIC

The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises. We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees. In 2012, the IIC approved 73 operations totaling US$378.9 million. Throughout our history, we have approved nearly 800 direct loans to SMEs and financial intermediaries, for a total of US$4.8 billion. An additional US$2.8 billion has been mobilized through cofinancing and syndication agreements. For more information on IIC activities, visit www.iic.org.

Contact: Jorge Roldán

Telephone: +1 (202) 623-3948

Email: jorgero@iadb.org