Korea, LAC Finance Leaders Meet in Busan

IDB-IIC Annual Meeting of the Boards of Governors will be held in BEXCO, Busan from March 26 to 29, 2015. It is being co-hosted by the Ministry of Strategy and Finance and the Inter-American Development Bank (IDB). This meeting is the 56th Annual Meeting of the Board of Governors of the IDB and the 30th Annual Meeting of the Board of Governors of the Inter-American Investment Corporation (IIC).

Approximately 3,000 participants from 50 countries are expected to attend. There will also be business forums such as a Korea-LAC knowledge sharing forum and an Korea-LAC business forum to stimulate the cooperation between Korea and LAC countries. Forum topics include Development Achievements and Emerging Trends, Trade and Investment, Development of Sustainable Energy, ICT Innovation and Productivity, Analysis of Labor Market, and Sustainable Cities. In the business forum, programs such as 1:1 Business Matchmaking, a TPO Training program, and a Technical Tour will be available.

The IDB, established in 1959, is the leading source of development financing for Latin America and the Caribbean with the goals of achieving measurable results and increasing integrity, transparency, and accountability. There are a total of 48 shareholder countries in the IDB, of which 26 are from Latin America and the Caribbean (LAC). Korea became the second IDB member in Asia in 2005 followed by Japan, which joined the IDB in 1977.

Since Korea's participation in the IDB, the trade volume between Korea and the LAC has increased by two and a half times, from US$20 billion in 2005 to US$54.7 billion USD in 2013. During the same time, direct investment from Korea in the region has also leaped by four times, from US$560 million to US$22.5 billion. In addition, Korean companies are also enthusiastically expanding their participation in the IDB's loan business and technical cooperation, by procurement and technical consulting respectively.