South Korea signs MoU with Adia
South Korea has agreed to team up with the Abu Dhabi Investment Authority (Adia), one of the world's largest sovereign wealth funds, for joint investments, a South Korean presidential committee said.
The alliance could pave the way for South Korea's state-run funds such as National Pension Service (NPS) and Korea Investment Corp (KIC) to expand their presence in the global financial market.
Ahn Chang-kuk, an official at the Presidential Council for Future & Vision, said the committee had signed a memorandum of understanding with the Abu Dhabi government for partnership in securing the rights to develop oil fields earlier this month.
The deal includes allowing Adia to invest through a local brokerage in South Korea.
NPS, the world's No.4 pension fund with more than 300 trillion won ($269.7 billion), is looking to boost its overseas investments in such sectors such as resources development.
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