Polish bank, Korean partners to cooperate in infrastructure, renewables

Poland’s state-owned development bank BGK and its Korean partners have signed an agreement to work together in infrastructure and renewable energy projects, BGK wrote in a statement published on Friday.

The tripartite memorandum of understanding between Poland's Bank Gospodarstwa Krajowego (BGK), Export-Import Bank of Korea (KEXIM) and Korea Trade Insurance Corporation (K-SURE) signed in Warsaw on Friday commits partners "to strategic cooperation and joint discovery of business opportunities in areas such as infrastructure, industrial development and renewable energy," according to the statement.

The agreement is also aimed at promoting economic cooperation, including foreign investment and trade.

"The document also mentions the co-financing of projects that will benefit Poland and neighbouring countries," the statement said. "This includes reconstruction and modernisation projects after the end of the war in Ukraine."

BGK, KEXIM and K-SURE want to jointly seek financial support for export projects of both South Korean and Polish enterprises, the statement added.

South Korea is the second largest non-European foreign investor in Poland, after the United States. In 2022, Polish-Korean trade reached a record value of USD 10 billion.