SEOUL, March 29 SEOUL, March 29 (Reuters) -
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
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
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.
( $1=1112.1 Won)
(Reporting by Ju-min Park; Editing by Chris Lewis)