S. Korea's export insurer signs MOU with Mexican power company

South Korea's state-run export insurer said Friday it has signed a pact with a Mexican power company aimed at helping local businesses take part in an industrial plant building project in the North American country.

The memorandum of understanding (MOU) with the Federal Electricity Commission is expected to help South Korean builders play a role in a future electric power related construction project, the Korea Export Insurance Corp. said.

The state-owned commission, the second-largest public company in Mexico, is currently undertaking a project to build a US$500 million thermal power plant in the oil-rich Salamanca region in the central part of the country.

"The MOU outlines financing support that can improve the possibility of South Korean contractors winning deals related to the Salamanca thermal power plant," the export insurer said.

The agreement was signed on the sidelines of President Lee Myung-bak's visit to Mexico.