Woori Bank decided to utilize its branch in Poland as a strategic hub to support domestic small and medium-sized enterprises in the water industry seeking to enter Ukraine's reconstruction projects.
Jeong Jin-wan, president of Woori Bank, met with reporters on 4th (local time) in Milan, Italy, and noted, "The branch in Poland will primarily take on the role of providing financial support to domestic small and medium-sized enterprises in the water industry that aim to enter the infrastructure reconstruction projects in Ukraine after the war ends."
Jeong said, "The first thing needed when creating industrial complexes or constructing dwellings during the reconstruction process is water," emphasizing, "Korea has a competitive advantage in the global water industry, but to be successful in exporting small and medium-sized enterprises in the water industry, we need to provide support alongside Korea Water Resources Corporation."
Poland is a country with high economic growth rates and a stable market environment among European Union (EU) member states. It has shown an average economic growth rate of around 2.8% over the past three years, and as of last year, its gross domestic product (GDP) was $844.6 billion, ranking 21st in the world. Based on this, it is considered a forward operating base for entering reconstruction projects in Ukraine, estimated at around 1,000 trillion won.
Earlier, on March 31, Woori Bank opened a branch in Warsaw, Poland, becoming the first in the country. The experience and human networks accumulated over approximately eight years since opening an office in Katowice, Poland, in February 2017 laid the foundation for the branch transition, according to Woori Bank.
Through the branch transition, Woori Bank is now able to offer practical financial services such as corporate finance, foreign exchange, and trade finance in Poland.
A Woori Bank official explained, "Beyond the domestic water industry, we see opportunities to provide financial support to the construction sector, including roads, bridges, railways, and airports, as well as the energy sector, including solar and wind energy."
The Woori Bank branch in Poland plans to strengthen support not only in Poland but also for Korean corporations operating in Eastern Europe, including the Czech Republic, Hungary, and Romania, and to diversify financial services for local customers.
After attending the 58th annual meeting of the Asian Development Bank (ADB) held in Milan from 4th to 7th, Jeong moved to Warsaw, Poland, to check on the operation status of the branch.