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PRESS RELEASE

Korean Companies Eager to Explore Business Opportunities with the World Bank Group

April 2, 2015

Seoul, Korea, April 2, 2015– More than 200 delegates from over 70 private companies and public institutions located in Korea participated in a workshop, “Business Opportunities with the World Bank Group”, to learn about how Korean companies can compete for contracts under the World Bank financed projects, and partner with the WBG’s International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) on private sector investment in developing countries.

The workshop, jointly hosted by the WBG Korea Office and the Korea Export Import (KEXIM) Bank, was the first of its kind ever held in Korea to provide comprehensive information about the World Bank’s procurement policy and expected changes. Joyce Msuya, Special Representative of the World Bank Group Korea Office, opened the workshop noting that the Korea Office would continue to engage Korean clients who seek to explore business opportunities with the World Bank in the future.

Participants found particularly helpful a set of presentations by Elmas Arisoy, Public Integrity and Openness Practice Manager of the World Bank’s Governance Global Practice, on the nuts and bolts of the World Bank project cycle and World Bank procurement policy and procedures. The subjects covered included lending trends, lending instruments, procurement of works, goods and services, selection of consultants, and expected changes on the World Bank’s procurement policy and procedures. She also provided training on preparing responsive bids and proposals, and ensuring competiveness.

“Korea's experience in sustainable development, providing infrastructure and better service delivery to improve the lives of the people provides lessons that can benefit many other developing countries in the East Asia Region and around the world”, said Arisoy. World Bank’s procurement policy visions ‘achieving value for money with integrity in delivering sustainable development’ and Korean companies can play a significant role in implementing this vision by transferring knowledge, experience and innovative solutions to the developing countries.”

The workshop also featured a presentation by Darren Dorkin, Program Coordinator at the World Bank Group Korea Office, on how to track country and sector-specific business opportunities on World Bank financed projects through the bank’s web site and other routes. He also highlighted aggregate and specific cases of successful contract awards by Korean companies.


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“Korean companies large and small have been successful in bidding under World Bank projects, and play an important role in reducing poverty and supporting development across the world, from Azerbaijan and Bangladesh to India and Vietnam,” said Dorkin. “The World Bank had 1,708 projects totaling $177 billion in 142 countries as of March 2015. This represents an extremely wide diversity of business opportunities across virtually every sector globally, from energy and mining to health and education. We are very pleased to share how Korean companies can identify these investment avenues, so they can continue their key contributions to international development.”

In recent years, Korean companies have been awarded a wide diversity of contracts under World Bank projects, both geographically and in value. For example, Doosan Heavy Industries and Construction won a $193.3 million contract to assist Egypt’s energy sector through new generation capacity; Ssangyong Dongyang Joint Venture was awarded a $93.8 million contract to help reconstruct Pakistan’s largest port in Karachi; and Standard Diagnostics, Inc. won a $2.9 million contract to help prevent and control malaria in Mozambique.

Data on WB projects, including active and pipeline projects, and data on procurement under WB projects, including by country, sector, supplier, etc., are publicly available on the WBG Projects & Operations website: https://projects.worldbank.org. Data on WB awarded contracts from 2010-2015 is publicly available on the WBG Finances website: https://finances.worldbank.org/Procurement/Major-Contract-Awards/kdui-wcs3


Media Contacts
In Incheon
Jung Choi
Tel : +82 10-3664-7031
jchoi4@worldbank.org

PRESS RELEASE NO:
2015/04/02

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