EDCF hosts annual seminar for smaller firms to join foreign assistance market

An annual seminar hosted by the Economic Development Cooperation Fund (EDCF), Korea’s foreign assistance project body managed by the Export-Import Bank of Korea (Eximbank), is takiing place at Eximbank's headquaters in Yeoudio, Seoul, Tuesday. Courtesy of Eximbank

The Economic Development Cooperation Fund (EDCF), Korea’s foreign assistance project body, hosted an annual seminar, Tuesday, to help small- and medium-sized enterprises (SMEs) set foot in foreign aid businesses.

The Export-Import Bank of Korea (Eximbank), which governs the EDCF, said the seminar was joined by about 100 working-level representatives from 70 SMEs.

The event has been held every year since 2012, with the goal of providing tailor-made information for smaller companies that are interested in official development assistance (ODA) yet do not have access to such information.

The 2023 seminar focused on overseas construction and relevant procurement procedures in the projects managed by the EDCF and Korea International Cooperation Agency (KOICA) as well as the Asian Development Bank (ADB).

Corporate image (CI) of Export-Import Bank of Korea (Eximbank) / Courtesy of Eximbank

Correspondingly, KOICA and ADB also took part in the seminar, plus relevant government-affiliated institutions. They were the Korea Trade-Investment Promotion Agency (KOTRA), Korea Overseas Infrastructure & Urban Development Corporation (KIND), International Contractors Association of Korea (ICAK), Korea Environmental Industry & Technology Institute (KEITI), Korea Ports and Harbors Association (KPHA) and the Korea Foundation for International Healthcare (KOFIH).

The EDCF shared successful cases regarding feasibility studies and supplies of goods and materials for ODA.

Operating under the wing of the Ministry of Foreign Affairs, KOICA introduced procurement cases from the healthcare field.

Headquartered in the Philippines, the ADB explained how Korean businesses can participate in the procurement bid run by the bank.

“This year’s event hopefully boosts SMEs to successfully advance to the international procurement market after struggling to join the market despite having excellent business know-how,” Eximbank said. “We will make utmost efforts for the Korean enterprises to expand their presence in the market.”

The EDCF was established in 1987 to help build basic infrastructure in developing countries. It has served as Korea’s representative aid fund since then.