Seminar with Korea Chamber of Commerce and Industry examines 'Crisis and Opportunity from the Middle East'

Executive Vice President Ahn Jong-hyeok: 'Changes in the Middle East are both a challenge and a new opportunity'

Executive Vice President Ahn Jong-hyeok of the Export-Import Bank of Korea delivers opening remarks at the "Crisis and Opportunity from the Middle East" seminar, jointly hosted by the Export-Import Bank of Korea and the Korea Chamber of Commerce and Industry at the chamber's headquarters in Jung-gu, Seoul, on Thursday. [Export-Import Bank of Korea]
Executive Vice President Ahn Jong-hyeok of the Export-Import Bank of Korea delivers opening remarks at the "Crisis and Opportunity from the Middle East" seminar, jointly hosted by the Export-Import Bank of Korea and the Korea Chamber of Commerce and Industry at the chamber's headquarters in Jung-gu, Seoul, on Thursday. [Export-Import Bank of Korea]

The Export-Import Bank of Korea is stepping up efforts to secure an early position in the Middle East market, joining forces with the Korea Chamber of Commerce and Industry to map out a response to the region's evolving situation.

The bank co-hosted a seminar titled "Crisis and Opportunity from the Middle East" with the Korea Chamber of Commerce and Industry at the chamber's headquarters in Jung-gu, Seoul, on Thursday.

The seminar was organized to discuss how Middle East developments are affecting South Korea's energy supply chain and broader economy, identify business opportunities for Korean companies arising from post-conflict infrastructure reconstruction demand, and explore policy financing options to support those efforts.

Park Hyeon-do, director of the Islamic Studies Center at Sogang University, analyzed the impact of shifting Middle East dynamics on the South Korean economy and Korean businesses.

Senior researcher Kang Jeong-hwa of the bank then outlined the outlook for the Middle East construction and infrastructure reconstruction market and proposed response strategies for Korean companies. Senior researcher Seong Dong-won presented plans for building an oil and gas energy supply chain to reduce geopolitical risk in the region.

The bank also introduced its Middle East-specific financial support programs, including the "Middle East Reconstruction Emergency Operating Fund" launched in June to strengthen Korea-Middle East cooperation. It also shared its policy financing plans to support exports and overseas business expansion.

The seminar drew 110 executives and employees from 52 domestic companies interested in breaking into new Middle East markets, reflecting strong industry interest in the region.

The bank said the event drew an enthusiastic response from participants, who benefited from firsthand accounts from industry players on the ground and wide-ranging perspectives on future business opportunities.

"The geopolitical changes in the Middle East represent both a significant challenge and a new opportunity for South Korea," Executive Vice President Ahn Jong-hyeok said. "The Export-Import Bank of Korea will continue to closely monitor the region and proactively prepare for post-conflict infrastructure reconstruction demand and other emerging needs."

The Middle East accounts for half of South Korea's cumulative overseas construction contract value and has long been a partner in energy and defense industries, making it a region of high strategic importance in terms of economic trade, security and supply chains.

To secure an early foothold in the market, the bank has recently signed a series of MOUs with countries across the region. In May, it concluded a master credit agreement worth $3 billion with Saudi Aramco. Last month, it approved $1.2 billion in financing for Saudi Energy, the Saudi state power company.

Since June, the bank has been operating a crisis response program to support companies that have suffered direct or indirect losses from the situation in the Middle East.


hyuk@heraldcorp.com