Trade Insurance Corporation Partners with Saudi Government... Financial Support for Projects Involving Korean Companies

Lee In-ho, President of Korea Trade Insurance Corporation (left), is taking a commemorative photo with Fahad A. Al-Saif, President of the National Debt Management Center, an agency under the Saudi Ministry of Finance, after signing a business agreement in Riyadh, Saudi Arabia, on the 25th.

[Asia Economy Reporter Kim Bo-kyung] On the 25th, the Korea Trade Insurance Corporation signed a business agreement with the Ministry of Finance of Saudi Arabia to support the export and overseas project orders of Korean companies.

According to this agreement, when Korean companies win projects ordered by the Saudi government or export Korean-made equipment, K-sure will provide medium- to long-term financing for the respective projects. The amount of medium- to long-term financial support will be determined through mutual consultation considering the scale of future ordered projects.

Saudi Arabia is a key overseas construction and plant market for Korea, and this cooperation is expected to strengthen the competitiveness of Korean companies in winning Saudi-ordered projects in the future.

It is also expected to increase export opportunities for equipment through the hosting of a 'Vendor Fair' that facilitates purchase consultations between Saudi clients and Korean small and medium-sized enterprises (SMEs) and mid-sized companies.

Lee In-ho, President of K-sure, stated, "For improving overseas order performance, a rebound in the Middle East market, which has recently been sluggish, is important," adding, "We will continuously expand a strategic cooperation system with excellent clients so that our companies can secure a favorable position in overseas construction and plant order competitions based on financial competitiveness."

This content was produced with the assistance of AI translation services.