KAMCO Signs Consulting Contract with Inter-American Development Bank for Enhancing State Property Management Capabilities

The First Case of Expanding Overseas Consulting from Asia-Centered to Latin American Countries

[Asia Economy Reporter Park Sun-mi]KAMCO (Korea Asset Management Corporation) announced on the 4th that it has signed a "Consulting Contract for Capacity Building in State-Owned Asset Management in Latin America" with the Inter-American Development Bank (IDB).

IDB is an organization established in December 1959 for the economic development and social progress of developing countries in South America and the Caribbean, with 48 member countries including Korea (which joined in 2005).

As the dedicated agency for state-owned asset management, KAMCO will, through this cooperation project, for the first time provide its expertise and know-how that have contributed to enhancing the value of national assets and increasing fiscal revenue to Latin American countries. The consulting contract amount is approximately $500,000 (about 600 million KRW), and KAMCO will conduct consulting for Latin American countries in cooperation with IDB local consultants until January 2023 (about 30 months).

Specifically, the project will include ▲improving the state-owned asset management system through comparative studies of advanced countries' best practices ▲proposing a model for a state-owned asset management information system ▲carrying out an innovative pilot project combining KAMCO's state-owned asset management system with online public auctions (Onbid).

Moon Sung-yoo, President of KAMCO, said, "This consulting project is significant as it is the first case where KAMCO has expanded its overseas consulting area from mainly Asia to Latin American countries," and added, "We will strengthen overseas business and international cooperation to lead the spread of Korean Wave in the public sector in the post-COVID era."

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