Financial Cooperation between Korea and the Middle East in a New Industrial and Financial Environment

Abstract

For the financial cooperation between Korea and the Middle East after the global financial crisis and the Arab Spring Korean commercial financial institutions should enhance global financial capability together with policy finance institutions including Korea Development Bank and Korea Eximbank. The second step would be to build the Korea-Middle East financial network in a more systematic manner. To this end, Korean financial institutions should work to raise brand awareness by venturing as actively as possible into local markets. Third, it is advisable to identify investment projects that allow for broader private participation in countries aside from the GCC such as emerging economies in the Middle East, Africa and Central Asia, so as to find opportunities for joint investment.

Keywords: financial cooperation, Middle East, development finance