KIC to Launch Joint Investment with Overseas Sovereign Wealth Funds

The Korea Investment Corporation (KIC), a global investment management company that deals with Korea's sovereign wealth fund, is to engage in joint investment with overseas sovereign wealth funds (SWF)--Australia's QIC and Malaysia's Khazanah Nasional Berhad.

KIC disclosed on Friday that it signed a memorandum of understanding (MOU) with Australia's QIC and Malaysia's Khazanah Nasional Berhad on June 17 and 18, respectively, in a bid to seek for strategic cooperation such as mutual joint investment.

KIC said that QIC and Khazanah will seek for joint investment opportunities, and strengthen comprehensive mutual exchanges by sharing information while seeking for an investment opportunity in a third country or in Malaysia or Australia through signing a MOU.

KIC CEO Chin Young-wook has continuously been discussing ways for exchange and cooperation, including joint investment and SWF of Asian and Middle Eastern countries, since he took a position as the company CEO.

KIC disclosed that it was possible to sign the MOU by taking pre-measures preparing for a domestic investment approval, and plans to push for attracting domestic investments of overseas SWFs.

Should the pending bill being held at the National Assembly be passed, KIC's domestic investment then will become possible.

Furthermore, the government plans to sign a commission contract with KIC, pledging to inject an additional $5 billion in investment in the near future.

[Hee-kyung Son / JYJ]

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