Macquarie to arrange US$300 mln investment in S. Korea

By Lee Joon-seung
SEOUL, March 4 (Yonhap) -- Australia's Macquarie Group has agreed to help arrange
US$300 million worth of foreign investment to build up South Korea's green energy
industry, the government said Wednesday.
The memorandum of understanding (MOU) signed between the Australian firm and
South Korea's Woori Bank calls for a total $1 billion in funds to be poured into
sustainable energy sector development, the Ministry of Knowledge Economy said.
"Of the total, Macquarie will directly invest or find investors in Australia to
come up with $300 million," said Jeang Dae-jin, head of the ministry's investment
promotion division said.
He said possible foreign direct investors may include pension fund operators and
other financial firms.
Building up the country's green energy industry is a key goal of the Lee
Myung-bak administration's economic policy that aims to reduce the country's
dependence of overseas energy resources.
Of the remaining $700 million, Woori said it will come up with $200 million, with
the remainder to be generated inside South Korea.
The MOU was signed between Macquarie chairman Nicholas Moore and Woori Bank
president Lee Chong-hwi on the sidelines of South Korean President Lee's visit to
Australia.
Lee is on a three-nation Asia-Pacific tour. He arrived in Australia via New
Zealand and will visit Indonesia before returning home on Sunday.
"More detailed plans on investment will be ironed out by year's end," Jeang said,
adding that the deal will help send a positive signal to overseas investors.
yonngong@yna.co.kr
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