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Friday, 01 March 2013

Republic of Korea’s Trade-Investment Promotion Agency strengthens ties with UNIDO

VIENNA, 1 March 2013 - The United Nations Industrial Development Organization (UNIDO) and the Republic of Korea’s Trade-Investment Promotion Agency (KOTRA) will cooperate on joint programs and projects and other activities aimed at supporting the thematic priorities of poverty reduction through productive activities, trade capacity-building, and energy and the environment in developing countries and in countries with the economies in transition.

An agreement on this was signed in Vienna today by Young Ho Oh, President and CEO, Korea Trade-Investment Promotion Agency, and Kandeh K. Yumkella, Director General of UNIDO.

KOTRA is a public corporation of the Republic of Korea, which implements the Korean Government’s economic policy through its comprehensive trade and investment promotion activities.

“Today’s agreement will allow us to develop a framework of cooperation and collaboration to promote programmes and projects for the benefit of UNIDO’s Member States, in areas such as export and investment promotion, and trade facilitation and logistics,” said Yumkella.

“With its 119 regional Korea Business Centres in 81 countries, KOTRA operates as a Global Business Platform of companies of the Republic of Korea. It contributes to the economic development of the country as well as developing countries through the facilitation of trade and investment and human resources development in those countries,” said Oh.

The Republic of Korea and UNIDO have a long history of cooperation. In 1997, they agreed to establish an Investment and Technology Promotion Office (ITPO) in Seoul mandated to promote outward investment and technology from the Republic of Korea to developing countries and countries in transition and to provide new business opportunities for the Korean private industrial sector, especially  SMEs.

UNIDO ITPO Republic of Korea, which is an integral part of the UNIDO network of ITPOs operating worldwide, has been highly instrumental to forge the strategic partnership between KOTRA and UNIDO.       

In May 2012, UNIDO signed a funding agreement with the Ministry of Foreign Affairs and Trade, and before that another one with the Ministry of Knowledge Economy, to collaborate on joint projects and activities in the fields of green growth technology and low-carbon industrial development.

UNIDO is also discussing cooperation with such institutions as the Korea Energy Management Corporation (KEMCO) and the Korea Institute of Energy Technology Evaluation and Planning (KETEP).

UNIDO is working closely with the Global Green Growth Institute (GGGI), initiated by the Government of Republic of Korea, in the field of climate change and green growth through joint projects and international fora such as the Global Green Growth Forum. The Organization is also expanding its cooperation with the Korean International Cooperation Agency (KOICA).

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