___________________________________________________________________________
2008/SOM3/IEG/SEM2/007 Session: II
Private Participation in Infrastructure in Korea
Submitted by: Korea
Seminar on Recent Trends on Investment Liberalization and Facilitation in Transport and
Telecommunication Infrastructure Lima, Peru
13–14 August 2008
1
13 Aug. 2008
Bong Hwan CHOMinistry of Strategy and Finance
Republic of Korea
Private Participationin Infrastructure in Korea
I Investment EnvironmentInvestment Environment
II PPI OverviewPPI Overview
III Performance HighlightsPerformance Highlights
ContentsContents
IV Future of Korean PPIFuture of Korean PPI
1
2
II.. Investment EnvironmentInvestment Environment
2
Korea, Gateway to Asia50 cities with populations of
1 million+ within 3 ½ hrs
Tokyo(2 hrs)
Beijing(1 ½ hrs)
Shanghai(1 ½ hrs)
Taipei(2 ½ hrs)
East Sea
Manila(4 hrs)
Guangzhou(3 ½ hrs)
1/51/5 Global GDP
2/32/3 World Population
Average growth rate(Asia excluding Japan)8.7 %8.7 %
World: 5.2%, OECD: 2.7%
Hong Kong
(3 ½ hrs)
76
7
8.38.8 9.2
9.8 9.88.8
0
2
4
6
8
10
12
2000 2001 2002 2003 2004 2005 2006 2007 2008
3
. Dokdo
3
Diversified Opportunities
Asian Center of Business, IT & BTIFEZ
5
Incheon
Gwangyang
BusanUlsan
Automobile
Geoje Island
Shipbuilding
LCDCheonan
Digital ElectronicsGumi
Industrial Clusters
Free Economic Zone
Steel, Petrochemical and LogisticsGFEZ
4
Road, Rail, Port, School etc. PPI
Materials and Logistics BJFEZ
Breaking down barriers Drastic reduction in corporate taxes
Economic Policy: A BusinessEconomic Policy: A Business--Friendly Friendly EnvironmentEnvironment
Overhaulof
Regulations
Systematic Changes
Tax Cuts
Capital Markets Consolidation Act (January 2009)
20%
(2008)
25%
22%
(2012)
I. Investment Environment
5
4
Support for building of infrastructure
Up to 15% of the amount invested (for investments of more than$10 million in high-tech areas)
Corporate Tax, Income Tax: 7 yrs
Acquisition Tax, Registration Tax, Property Tax: 5-15 yrs
Tariffs: 3 yrs
Subsidies for employment and training
Support for improvement of business and living environment
Exemption from rent for50 years or more for investorsin FIZs
Location SupportLocation Support OthersOthers
Cash GrantsCash GrantsTax ReductionsTax Reductions
Incentives to Foreign Investors
6
I. Investment Environment
IIII.. PPI OverviewPPI Overview
7
5
• PPI (Private Participation in Infrastructure)– Public & Private Partnerships to provide infrastructure
facilities and related public services
• Rationale and Position of PPI– Provide a new option for public service delivery
under fiscal constraints– Introduce private sector efficiency and innovation
– Provide stable & long-term investment opportunitiesfor the private sector
Concept of PPIConcept of PPI
II. PPI Overview
8
History of PPI ActHistory of PPI ActII. PPI Overview
** PPI Guideline is issued to provide PPI policy direction and implementation guidance
『The Private Capital InducementPromotion Act』
『The Act on Private Participationin Infrastructure 』
· Risk Sharing, Minimum Revenue Guarantee
EnactmentAug. 1994
『The Act on Private Participation in Infrastructure 』· Expansion of Facility Types· Introduction of BTL Scheme· Diversification of Investor Profile (Infra. Fund)
Amendment Jan. 2005
RevisionDec. 1998
9
6
Structure of the PPI ActStructure of the PPI ActII. PPI Overview
PPI Act,Enforcement DecreePPI Act,Enforcement Decree
Basic Plans forPPIBasic Plans forPPI
Eligible facility types (44)
Investment schemes : BTO, BOT, BOO, BTL, etc.
Implementation procedure
Infrastructure Credit GuaranteeFund, Infrastructure fund
Government support, risk sharing measures
Policy directions
General guidelines for PPI project implementation
BTL Implementationguidelines
10
BTO (Build-Transfer-Operate)– Road, Railway, Port, etc.– Concessionaire collects user fee to recover its investment– Private sector takes demand risk – Solicited & Unsolicited projects
BTL (Build-Transfer-Lease)– Schools, Welfare/medical facilities, Cultural Facilities , etc.– Government pays concessionaire for service delivery – No demand risk for private sector – Solicited projects only
Others : BOT, BOO, etc.
Implementation SchemesImplementation SchemesII. PPI Overview
11
7
Selection of PPI Project
Request for Proposals(RFP)
Submission of Project Proposals
Evaluation/Selection of Preferred Bidder
Approval of Detailed Engineering & Design Plan
Negotiation & Contract Award(Designation of Concessionaire)
Construction & Operation
Competent AuthorityCompetent Authority
Competent AuthorityCompetent Authority
Private SectorPrivate Sector
Competent AuthorityCompetent Authority
Competent AuthorityCompetent AuthorityPreferred BidderPreferred Bidder
Competent AuthorityCompetent Authority
ConcessionaireConcessionaire
II. PPI Overview
Implementation Process : Solicited ProjectImplementation Process : Solicited Project
12
Project Preparation & Submission of Proposal
Review of Proposal
Request for Alternate Proposals
(No Third Party Proposals)Negotiation & Contract AwardDesignation of Concessionaire
(More Proposals Tendered)Evaluation/Selection of Preferred Bidder
Construction & Operation
Negotiation & Contract Award(Designation of Concessionaire)
Approval of Detailed Engineering & Design Plan
Competent AuthorityCompetent Authority
Competent AuthorityCompetent Authority
Private SectorPrivate Sector
Competent Competent AuthorityAuthorityPreferred Preferred
BidderBidder
Competent AuthorityCompetent Authority
ConcessionaireConcessionaire
II. PPI Overview
Implementation Process : Unsolicited ProjectImplementation Process : Unsolicited Project
13
8
Submission of Investment Plans Establishment of
BTL Ceiling
Designation of BTL project& Announcement of RFP
Evaluation &Selection of Preferred Bidder
Approval of Detailed Plan
Negotiation & Contract Award(Designation of Concessionaire)
Construction & Operation
Feasibility / VFM Test
Private Sector Competent Authority MOSF
Submission of
Detailed Plan
Submission ofProject plans
II. PPI Overview
Implementation Process : BTL Solicited ProjectImplementation Process : BTL Solicited Project
14
Structure of BTO & BTLStructure of BTO & BTL
II. PPI Overview
15
9
Min. of Strategy & FinanceMin. of Strategy & FinanceMin. of Strategy & Finance
Local Gov’tsLocal Local GovGov’’tsts
PIMACPIMACPIMAC
Min. of Land, Transport &Maritime Affairs
Min. of Culture, Sports & TourismMin. of Education, Science
& TechnologyMin. of EnvironmentMin. of Health, Welfare & Family AffairsMin. of Natl. Defense, etc.
Min. of Land, Transport &Maritime Affairs
Min. of Culture, Sports & TourismMin. of Education, Science
& TechnologyMin. of EnvironmentMin. of Health, Welfare & Family AffairsMin. of Natl. Defense, etc.
Competent Authority
PPI CommitteePPI CommitteePPI Committee
Technical Assistance
Research & Policy Advice
Central PPI Unit
Procuring MinistriesProcuring MinistriesProcuring Ministries
Public Sector
II. PPI Overview
Key Players in PPI Key Players in PPI
16
Government SupportGovernment Support
II. PPI Overview
Taxbenefit
ConstructionSubsidy
Support forthe acquisition
of land
MinimumRevenue
Guarantee
TerminationPayment
InfrastructureCredit
GuaranteeFundFinancial
SupportRisk SharingMeasures,etc.
17
10
Gov’t Support (BTO Type)
① Construction Subsidy : 30~50% of Total Investment
• Roads : Less than 30% of Total Investment
• Rails : Less than 50% of Total Investment
• Ports : Less than 30% of Total Investment
• Freight Terminals : No Construction Subsidy (BOO type)* Government provides access roads and rails
II. PPI Overview
18
② MRG on Solicited Projects
Minimum Revenue Guarantee
• Adopted after Financial Crisis of the late 90s
→ Induced Private Investment in Infrastructure
No MRG with under 50% of Forecasted Revenue
Led to Inflated Demand Forecasting
→ Resulted in Increase of MRG Payment
Reduced Level of MRG for Solicited projects & Abolished for Unsolicited Projects (2006)
II. PPI Overview
19
11
Revenue > 50% Forecasted RevenueRevenue > 50% Forecasted RevenueConditionCondition
First 5 years : 75%Last 5 years : 65%First 5 years : 75%Last 5 years : 65%
First 5 years : 90%Next 5 years : 80%Last 5 years : 70%
First 5 years : 90%Next 5 years : 80%Last 5 years : 70%
GuaranteeGuarantee AbolishedAbolished
10 years10 years15 years15 yearsPeriodPeriod
Unsolicited Projects
Unsolicited ProjectsSolicited ProjectsSolicited Projects
Starting January 2006Starting January 2006May 2003 ~
December 2005May 2003 ~
December 2005
Modification of MRG Mechanism
II. PPI Overview
20
③ Various Tax Benefits
Exemption of Acquisition and Registration Tax Application of 0% Tax Rate on VAT15% Separate Taxation on Interest Income from Infra BondSeparate Taxation on Dividend Income from Infra Fund
④ Concession Termination Payment
Force Majeure, Bankruptcy, etc
II. PPI Overview
21
12
Infrastructure FundInfrastructure Fund• An indirect investment company that collects funding, injects it
into PPI project and distributes the profits to the fund investors
to give investment or loan for implementing infrastructure facilities projects,to enjoy tax benefits and mitigation of regulatory conditions
• Asset Mgmt Scope and Financing Regulations of Infra Funds– Removal of Investment Cap, Allowance of Debt Financing (30% of Capital)– Technical Assistance Provided by PIMAC– Minimum Capital Requirement for Establishing Fund : KRW 10 billion– Funds have voting right for their investment in projects
II. PPI Overview
Infrastructure Funds (2007)① Public Offered (1) : Macquarie Korea Infra Fund (KRW 1.8 Trillion)② Private Invested (9) : Balhae Fund (1.2), Korea Infra II Fund (1.5),
Korea Railway I Fund (1.0), Korea BTL Fund (1.0) etc22
IIIIII.. Performance HighlightsPerformance Highlights
23
13
Korean Economic OutlookKorean Economic OutlookIII. Performance Highlights
Overall Fiscal Balance
CPI Inflation rate (%)
Private Consumption (%)Equip. Investment (%)Construction Investment (%)
GDP (%)
(year-on-year, in US$100 mil.)
Exports (%)Imports (%)
Current Account
2003 2007
3.1
-1.2-1.27.9
120
19.317.6
3.5
76
4.7
-0.33.81.1
282
31.025.5
3.6
52
4.2
3.65.7
-0.2
150
12.016.4
2.8
35
5.1
4.27.6
-0.4
54
14.418.4
2.2
36
5.0P
4.110.83.9
60
14.115.3
2.5
200620052004
P denotes preliminary estimate (Korean Central Bank, 2008)24
2008P
4.6
3.04.41.3
-90
18.325.0
4.8
34 17
• Increase in PPI to Complement Public Investment
- PPI Investment : (’98) 0.5 trillion → (’07) 3.0 trillion KRW- Share of PPI to Public Investment : (’98) 3.9 % → (’07) 16.3%
16.316.39.87.56.63.9B/A (%)
14.014.08.97.06.23.8B/(A+B)(%)
3.03.01.71.21.00.5PPI Investment(B)
18.418.417.416.015.212.7Public Investment in Infrastructure(A)
’07’06’04’02’00’98
(Unit : Trillion KRW)
Private Investment TrendPrivate Investment Trend
III. Performance Highlights
25
14
• Total project costs of signed BTO projects as ofJune 2008 amount to KRW 43.2 Trillion
< BTO Projects by Facility Types < BTO Projects by Facility Types –– Contract Signed>Contract Signed>
* Nationally Managed Projects only
Road (24.9 Tril.)
Port (6.1 Tril.)
Rail (9.2 Tril.)
Others (3.0 Tril.)
58%
7%
21%
14%
III. Performance Highlights
Sector Analysis : BTOSector Analysis : BTO
26
17761.4
944.6
8356.8
Total
31.9
-31.9
AnnouncingRFPs
2012.0
30.3
1711.7
Under Negotiation
154.8
80.2
74.6
Preparing to Construct
5029.3
161.1
3428.2
UnderConstruction
8913.6
673.2
2210.4
UnderOperation
TotalLocal Gov’t
NationalMgmt
III. Performance Highlights
Status of Projects Status of Projects ((‘‘08.6)08.6) : BTO: BTO
(Unit : Projects/Trillion KRW)
Solicited 38 projects
Unsolicited25 projects
Among 63 Signed Projects …(National Mgmt Projects)
27
15
• Total project costs of BTL projects which announced RFP as of June 2008 amount to KRW 16.6 Trillion– Among 292 projects, 231 projects were signed (11.2 trillion)
Educational (6.4 tril.)
Environmental (4.4 tril.)
Military (2.4 tril.)
Railway (2.4 tril.)
Cultural, Welfare, etc. (1.0 tril.)
< BTL Projects by Facility Types < BTL Projects by Facility Types –– RFP Announced>RFP Announced>
III. Performance Highlights
Sector Analysis : BTLSector Analysis : BTL
39%
27%14%
14% 6%
28
• Solid Legal Framework Corresponding to International Standards– Clear & Consistent Implementation Procedure Regulated by PPI Act &
Implementation Guidelines – Fair & Equal Treatment of Domestic & Foreign Investors
• Strong Government Commitment & Supports– Construction Subsidy, MRG, Mitigation of F/X Risks, etc.– Technical Assistance Provided by PIMAC
• Review of RFPs & PPI Contracts, Assistance in Project Evaluation & Negotiation, Research for PPI Policies & Guidelines, etc.
• Central Role of MOSF– Develop National PPI Policies, Guidelines, & Fiscal Rules– Coordinates Sectoral PPI Plans & Establish Comprehensive
Investment Plans– Review & Approve Nationally Managed PPI Projects
• MOSF convenes PPI Committee when necessary
III. Performance Highlights
Key Success FactorsKey Success Factors
29
16
TOTALTOTALBTLBTLLocal
ProjectsLocal
ProjectsNationalProjectsNationalProjects
17917912912916163434Under ConstructionUnder Construction
385385231231154154TotalTotal
231231
3434
6868
49498877Preparing to ConstructPreparing to Construct
38538591916363SubtotalSubtotal
15715767672222Under OperationUnder Operation
BTO/BOT/BOOBTO/BOT/BOOProject Type
Status
Project Type
Status
Performance of Korean PPI
III. Performance Highlights
30
9.59.566RailwayRailway25.425.41616PortPort
1001006363TotalTotal19.119.17.97.9
38.138.1%%
55EnvironmentEnvironment
1212Logistics / OthersLogistics / Others
2424RoadRoadNumber of ProjectsNumber of ProjectsSectorsSectors
6.16.11414Vocational TrainingVocational Training
5.65.61313CultureCulture
9.99.92323Military HousingMilitary Housing
100100231231TotalTotal0.90.9
22.122.1
55.455.4%%
5151EnvironmentEnvironment
22RailwayRailway
128128SchoolSchoolNumber of ProjectsNumber of ProjectsSectorsSectors
Number of BTO Projects by Sectors
Number of BTL Projects by Sectors
III. Performance Highlights
31
17
1.81.81.21.29.29.26.16.124.924.943.243.2Total InvestmentTotal Investment
0.30.30.60.63.93.92.42.42.52.53.93.9Most ExpensiveMost Expensive
0.020.02
0.150.15
1212
OthersOthers
0.060.06
0.240.24
55
Environment
Environment
0.030.03
0.40.4
1616
PortPort
1.51.51.01.00.70.7Average CostAverage Cost
0.60.60.20.20.020.02Least ExpensiveLeast Expensive
6624246363Number of ProjectsNumber of Projects
RailwayRailwayRoadRoadTotalTotal
Project Cost and Investment on BTO Projects (2008)
III. Performance Highlights
32
(Trillion KRW [=Billion USD])
Foreign PPI Investment in Korea (Dec. 2007)
III. Performance Highlights
33
26.026.038438410,85510,855
25.025.01,1941,19423,88623,886
43.043.05,5805,58023,88623,886
100.0100.0
66.666.640401,8181,818
76.576.5350350
Foreign Invest.Foreign Invest.Total Invest. Cost
Total Invest. Cost
1,4811,481
4,7774,777
13,02213,022
6060
76.576.5
Equity of Debt(A)
Equity of Debt(A)
Yongin LRTYongin LRT
Busan New Port 1Busan New Port 1
Busan New Port 1Busan New Port 1
Daejeon ExpresswayDaejeon Expressway
Busan AquariumBusan Aquarium
Equity InvestmentEquity Investment
Project NameProject Name
BombardiaBombardia
CSXWTCSXWT
Calyon etc.Calyon etc.
Egis & Sing. PilingEgis & Sing. Piling
Oceania AustraliaOceania Australia
Foreign InvestorForeign Investor
100.0100.0273.5273.5350350 273.5273.5Busan AquariumBusan Aquarium
Debt InvestmentDebt Investment
Nat’l Australian BankNat’l Australian Bank
84.984.91,3461,3461,8181,818 1,5851,585DaeJeon ExpresswayDaeJeon Expressway NomuraNomura
(B) (B) (B/A) (B/A)
(KRW 100 million, %)
18
1.61.615.915.931.731.79.59.517.517.523.823.8PercentagePercentage
11101066 202011111515Number of ProjectsNumber of Projects
More than10%
More than10%
9.0~9.9%
9.0~9.9%
7.0~7.9%
7.0~7.9%
8.0~8.9%
8.0~8.9%
6.0~6.9%
6.0~6.9%
Less than6% *
Less than6% *
Rate of Return
III. Performance Highlights
34
* Current rate of return※ Interest Rate of the Market (Treasury Bonds for 5 years)
1998 2000 2002 2004 2006 20077.25% 6.91% 5.38% 3.39% 5.00% 5.78%
Rate of Return depends on– Market interest rate : Projects from 1998 to early 2000s have high returns
as market interest rate reached at 12%~15%– Types of Infrastructure Facilities :
• Rails (subways) have higher interest rate compared with that of roads • Port have same level of interest rate as roads
– Proposal competition of Private sector
Operating Period : from 11 years to 50 years
Operating Period According to Facility Types
• BTO Types : Road 30 years (83%), Rail 30 years (83%),Port 50 years (56%)
• BTL Types : School 20 years, Cultural Facilities 20 years
14.314.33.23.258.758.715.915.97.97.9PercentagePercentage
99
50years
50years
22
40~49years40~49years
3737
30~39years30~39years
101055Number of ProjectsNumber of Projects
20~29 years20~29 years11~19
years11~19 yearsOperating PeriodOperating Period
III. Performance Highlights
35
Operating Period
19
III. Performance Highlights
Examples of BTO ProjectsExamples of BTO Projects
Incheon Airport Highway
Incheon Airport Highway
• Length : 40.2km (6~8 lanes)
• Project Cost : KRW 1.7trillion(Subsidy : 16%)
• Const. : ’95~’00 (Operate 30yrs)
• Investors : KTCU (45%), MKIF (24%)Kyobo Life (15%) etc.
(Org. Investors : 11 Construction Co. 85%, 2 Financial Inv. 12%,Others 3%)
36
YJ Bridge
III. Performance Highlights
Examples of BTO ProjectsExamples of BTO Projects
Busan New Port ⅠBusan New Port Ⅰ
• Length : 9 Berth, 3.2km
• Project Cost : KRW 2.4 Trillion(Subsidy : 26%)
• Const. : ’01~’09 (Operate 50yrs)
37
• Investors: DPW (25%), Hyun-dai Const. (9%), SamsungConst. (9%) etc.
(Org. Investors : 20 Construction Co. 78%, 3 Financial Inv. 13%,Others 9%)
20
III. Performance Highlights
Examples of BTL ProjectsExamples of BTL Projects
• Project Cost : KRW 18.6 Billion
• Const. : ’05~’07 (Operate 20yrs)
• Current Status : Opened in April ‘07
Chungju MilitaryHousing
Chungju MilitaryHousing
38
III. Performance Highlights
Examples of BTL ProjectsExamples of BTL ProjectsUlsan National
UniversityUlsan National
University
• Project Cost : KRW 250 Billion
• Const. : ’07~’12 (Operate 20yrs)
• Current Status : RFP announced in March ‘07
39
21
IVIV.. Future of Korean PPIFuture of Korean PPI
40
• Fiscal Constraints in Infrastructure Investment– Decreasing Tax Revenue
– Increasing Social & Welfare Expenditure
• Annual Increase Rate of 10.1% in Social Welfare (’03~’08)
• Increased Role of Private Investment in Infrastructure– Supplement to Public Investment
→ Enables Early Provision of Public Services
– Introduction of Private Sector Creativity & Innovation in Constructing & Operating Public Facilities
→ Heightens Satisfaction of Facility Users
Prospects on PPIProspects on PPIIV. Future of Korean PPI
41
22
• Establishment of PPI Long-Term Investment Plan(’07~’11)
– Estimate Future Financial Commitment by Government
• Roads, Railways, Ports, Logistics, Environmental Facilities, Educational Facilities, Military Housing, Cultural Facilities
• Subsidies, MRG, Government Payments for BTL, etc.
– Development of Fiscal Guidelines and Strategies
• Managing PPI Investment Amount within a Sustainable Level
– Inclusion in the National Fiscal Management Plan
– Forecast Appropriate Private Investment Level and Fiscal Burden
Key Policy IssuesKey Policy Issues
IV. Future of Korean PPI
42
2% Limit Rule
- Limited to 2% of Total Estimated Gov’t Annual Expenditure
- Allowing Flexible Fiscal Management without Heavy Burdenon Government Expenditure
- Estimation for Total PPI Government Expenditure is less than1.7% of Total Estimated Government Annual Expenditure
* Estimation : 2010 (1.3%) → 2015 (1.7%) → 2020 (1.6%)
※ PPI Government Expenditure : Lease Payment for BTL Projects, Land Acquisition Cost for BTO Projects, Construction Subsidy, and MinimumRevenue Guarantee (MRG)
IV. Future of Korean PPI
43
Fiscal management RuleFiscal management Rule
23
① BTO Type Investments
• Roads : Metropolitan Areas and other Congested Area
• Rails : LRT, Urban Rail Transit and some Heavy Rails on CongestedMetropolitan Areas or Areas with Large Urban Development
• Ports : Two Port System with Busan and Gwangyang andadditional investment on other ports for global trades
② BTL Type Investments• Maintain Appropriate Investment Level (2007 KRW 4.2 trillion)
• Achieve Efficiency and Effectiveness through various measures- Promote Integrated (Library, Museum, School, Youth Center) Facilities
PPI Project Investment Direction
IV. Future of Korean PPI
44
Rational Selection of PPI Projects
Strengthening Verification of Feasibility
of PPI Projects
Execution of Post Evaluation
Transparent Management
of PPI Program
• Projects which reduce government spending or implement creativity and efficiency of private sector in operating facilities
• Improvement of Application on VFM Test and Verification of Feasibility for PPI Projects
• Service Satisfaction Survey for Users• Performance Evaluation
• Avoid Preferential Treatment
IV. Future of Korean PPI
45
Improve PPI Quality
24
• Development of Public Involvement Model in BTL(2007)– To Enhance Service Quality & User Satisfaction of Social
Infrastructure• Schools, Dormitories, Cultural & Welfare Facilities, etc.
PlanningPlanning ImplementingImplementing OperatingOperating
• Public Hearing• Survey, etc.
• Monitoring Committee
• Service Center
• Promotion Council
• Project Homepage
IV. Future of Korean PPI
Key Policy IssuesKey Policy Issues
46
• Promotion of Integrated Facilities
– BTL Facilities with Multiple Functions• Schools + Sports Center + Public Libraries, Nursery Center, etc.
– Efficient Use of Land & Facilities– Development of Model MOU and RFP
• Develop. of Standard Models for Major Facility Types
– Efficient & Transparent Procurement Process • Guidelines for Feasibility/VFM Test, RFP, Output Specifications,
Standard BTL Contract, etc.• School, Environmental Facility (ex. sewer pipe), Military Housing,
Cultural Facilities
IV. Future of Korean PPI
Key Policy IssuesKey Policy Issues
47
25
• Strengthening Global Networks & Knowledge Exchange for Promotion of PPI/PPP
– Growing Interests in PPI/PPP Worldwide
• Int’l Events, Official Study Visits, Interchange of Personnel, etc.
– Several Ways of International Cooperation
• Multilateral Cooperation : International Conferences, Seminars, etc.
• Bilateral Cooperation : MOUs for establishing official networks among policy makers & practitioners, regular meetings, education/training programs, consulting, TA, etc.
IV. Future of Korean PPI
Key Policy IssuesKey Policy Issues
48
[email protected]@mosf.go.kr
