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Australia : Queensland and Korean investment organisations sign MoU
Publish Date : 23-Jul-2013
Treasurer and Minister for Trade Tim Nicholls today welcomed the signing of a significant Memorandum of Understanding (MoU) between the Queensland Investment Corporation (QIC) and Korea Finance Corporation (KoFC).
KoFC is an entity wholly owned by the South Korean Government, mandated to provide finance and other support for sectors designated as having economic significance for the country.
Mr Nicholls met senior representatives from KoFC in Seoul today, marking the start of a fortnight-long Trade Mission throughout Asia.
"This MoU is a show of faith and goodwill between the Queensland and Korean Governments," Mr Nicholls said.
"QIC is the Queensland Government's institutional funds manager and plans to draw the experience and resources of KTB Private Equity, a leading Korean investment firm, to solidify the QIC-KoFC partnership.
"QIC is now Australia's third largest institutional funds manager with more than AUD $71 billion in funds under management.
"Under the terms of the memorandum, QIC will seek to partner with KoFC and other Korean co-investors for investments into Australia, thereby strengthening the business ties between the two countries.
"This transaction leverages both QIC and KoFC's unique positions as sophisticated Government-owned investors and reinforces QIC's capabilities as a leading direct investor in the Queensland and Australian economies."
Mr Nicholls said the KoFC memorandum would build on QIC's already strong relationships with Korean Government investment organisations.
"Today, I also met with the CEO and President of Korea Investment Corporation (KIC) Chong-Suk Choi, encouraging KIC to invest in the Queensland and Australian economies."
