First Middle East Rep office for the Export-Import Bank of Korea Bank registered by DFSA as ASP
Dubai - The Export-Import Bank of Korea today launched its first Middle East representative office at a ceremony at The Dubai International Financial Centre (DIFC). Present at the Ceremony were Dr Dong-Kyu Shin, Chairman & President of the Export-Import Bank of Korea, Mr. Joon-Jae Lee, Ambassador of the Republic of Korea to U.A.E., Dr Omar Bin Sulaiman, Director General of the DIFCA, Dr. Habib Al Mulla, Chairman of Dubai Financial Services Authority (DFSA), Mr. David King, acting CEO of DFSA, Mr. Tariq H. Lootah, Director of DCCI, and Mr. Yoon-Yung Kim, Chief Representative of the Export-Import Bank of Korea. The Export-Import Bank of Korea was registered as an Ancillary Service Provider (ASP) by the DFSA on 27th April 2004.
The Export-Import Bank of Korea is the official export credit agency established by the Korean Government in 1976. Its objectives are to develop the Korean economy by extending financial support to export and import transactions, overseas investments and the development of natural resources. The bank also seeks to enhance economic co-operation with other countries.
Dr Omar Bin Sulaiman, welcomed the move by Export-Import Bank of Korea to establish its regional representative office at the DIFC.
"The DIFC is the ideal base from which to support and encourage Korean entrepreneurship and commerce in the UAE and wider region and I am pleased that this opportunity has been realised by Dr. Dong-Kyu Shin and his team. We are building an international financial community for the 21st century, one where institutions such as the Export-Import Bank of Korea can build on existing relationships with governments, multilateral agencies and the private sector."
He continues, "Since launch and with the addition of several international companies, DIFC is demonstrating what a benefit it is becoming to Dubai, the UAE and the region. The registration and office launch by the Export-Import Bank of Korea, demonstrates this. Its primary objective is to financially support Korean overseas development projects around the world, thus its presence here suggests we can expect significant direct investment from Korea thereby driving economic development in the Middle East."
Dr. Dong-Kyu Shin, Chairman & President of the Export-Import Bank of Korea said: "We seek to support Korean ventures throughout the region, as we have throughout the world, and we believe that the DIFC represents the ideal base for the Export-Import Bank of Korea's Middle East operations.
Furthermore, our respective Governments have enjoyed excellent relations and I am confident that our presence here can only enhance this. We have a broad network of representative offices around the world that support international relations, Korean business and, therefore, the economies of each market. I am delighted to be present at the opening of our newest office at the DIFC."
Since its establishment in 1976, the Export-Import Bank of Korea has supported many substantial Korean enterprises around the world. In 2004 the bank recorded loans of $9 billion and guarantees of $17.7 billion. Notably, a total credit of $1.8 billion has been extended to facilitate trade transactions between the United Arab Emirates and Korea, including Fujairah Power & Water Project carried out by UAE Offset Group.
The Export-Import Bank of Korea is 53% owned by the Korean Government, 42% by the Bank of Korea and 5% by the Korea Development Bank. The bank has eleven domestic branches, four subsidiaries in Hong Kong, U.K, Vietnam, Indonesia, and twelve overseas representative offices in New York, Washington DC, Beijing, Frankfurt, Paris, Tokyo, Sao Paolo, Moscow, Mexico City, Shanghai, New Delhi and now Dubai.
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DIFC
The Dubai International Financial Centre (DIFC) has been established as part of the goal to position Dubai as a universally recognised hub for institutional finance and as the regional gateway for capital and investment to the Middle East.
The DIFC Authority is the core body established by the Dubai Decree that issues all the laws and regulations for all the non-financial entities who will operate in the DIFC, and houses the Companies and Security Registries. The DIFCA is also the marketing arm of the DIFC and has the mandate to attract financial and non-financial entities to set up in the DIFC.
The Dubai Financial Services Authority (DFSA) is the independent regulator of all financial and related ancillary services conducted in or from the Dubai International Financial Centre (DIFC) - for example, asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modelled closely on that used in London and New York, and the DIFC regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.
The DIFC Courts:
The laws, enacted by His Highness Sheikh Maktoum bin Rashid Al Maktoum provide for a new court system designed especially for the DIFC and the sophisticated transactions that will be conducted within it.
The law establishing the Judicial Authority at the DIFC establishes and sets out the jurisdiction of the court, allowing for the independent administration of justice in the DIFC; and
The DIFC Courts Law sets out the jurisdiction, powers, procedures, functions and administration of the court.
The Courts Rules and Procedures, to be established by the Chief Justice in the coming weeks and to provide the mechanism and means by which courts are administered
For further information, please contact:
DIFC
Rola Shalak
Corporate Communications Executive
Tel: +97150 645 1736
E-mail: rola.shalak@difc.ae
DIFC
John Hobday
Incepta Middle East
Tel: +971 50 464 8706
john.hobday@inceptame.com
© Press Release 2005
