Eximbank paves way for business in Mexico

From left, President Park Geun-hye, Eximbank CEO Lee Duk-hoon, Mexican President Enrique Pena Nieto and CFE CEO Enrique Ochoa Reza at the signing ceremony at the National Palace in Mexico City on Monday. [NEWSIS]

The Export-Import Bank of Korea has made it easier for Korean businesses to enter Mexico by signing partnerships with major institutions in the country in the power generation and public finance sector.

The state-run financier for exporters said on Tuesday its CEO Lee Duk-hoon met with Enrique Ochoa Reza, CEO of Comision Federal de Electricidad (CFE) at the National Palace on Monday, to sign a $1 billion agreement to help finance projects by 2018 and exchange information on projects. CFE is the largest electricity provider owned by the Mexican government, engaging in a variety of businesses including construction of independent power plants and the establishment of shale gas pipelines.

President Park Geun-hye, who is currently on a four-day visit to the country, and her counterpart Enrique Pena Nieto, joined the ceremony.

Mexico is expected to be a highly promising market for Korean firms.

The institution also inked a $200 million contract for a financial program with its Mexican counterpart Banco Nacional de Comercio Exterior (Bancomext) which allows Mexican firms to import Korean products with funds lent by Eximbank. ?

BY SONG SU-HYUN [song.suhyun@joongang.co.kr]