United States – Republic of Korea signs framework on infrastructure finance and market building cooperation

0
156
US Secretary of the Treasury Steven T. Mnuchin and Korean Deputy Prime Minister and Finance Minister Hong Nam-ki [Photo credit: U.S. Department of the Treasury, October 17, 2019]

Washington, USA – The United States and Republic of Korea on Thursday signed a Memorandum of Understanding (MOU) to Strengthen Infrastructure Finance and Market Building Cooperation. The memorandum, signed by US Secretary of the Treasury Steven T. Mnuchin and Korean deputy prime minister and finance minister Hong Nam-ki, is a cooperative initiative designed to support infrastructure development in the Indo-Pacific region through market-oriented, private sector investment.

“The MOU signed [today] recognizes and reaffirms the important economic and trade relationship between the United States and the Republic of Korea and complements ongoing efforts to promote free, open, and competitive economies in the Indo-Pacific region,” said Secretary Mnuchin. “It is a great step forward for the United States and the Republic of Korea that will help catalyze private sector capital for investments in infrastructure and spur impactful, scaled growth opportunities for both countries.”

Under this cooperative framework, the United States and Republic of Korea will address regulatory, market, and legal barriers to private sector investment by focusing on local debt market development, strengthening the creditworthiness of utilities, instituting transparent and competitive procurement processes, and mobilizing investments by institutional investors. The engagement supports the broader US government Indo-Pacific strategy by complementing ongoing efforts under the Enhancing Development and Growth through Energy (Asia EDGE) and Infrastructure Transaction and Assistance Network (ITAN) initiatives.

LEAVE A REPLY

Please enter your comment!
Please enter your name here