Seoul, October 16, 2012-In partnership with KoFC (Korea Finance Corporation), IFC and MIGA today hosted the Korea-World Bank Group Private Sector Seminar in Seoul to discuss opportunities to strengthen their partnership when making sustainable and profitable private sector investments in emerging markets. The forum discussed ways of bringing innovative private sector solutions, including financing, guarantees, and knowledge transfer, to more developing countries around the world. It marks a milestone in the partnership between the World Bank Group and South Korea.
"I'm proud to say that the World Bank Group has played a small but not inconsequential role in South Korea's success," World Bank Group President Jim Yong Kim told around 300 private sector executives, government officials, and academics. "As we will now open an office in Seoul, we want to strengthen our collaboration with Korean businesses, investors, and entrepreneurs to identify promising opportunities in developing economies, ones that will contribute to ending poverty and creating shared prosperity."
South Korea joined the World Bank in 1955 and the World Bank Group extended its first funds to South Korea in 1962 when it was still a developing country. Today, South Korea is member of the Organization for Economic Co-operation and Development, whose members include some of the most developed economies around the world.