Export-Import Bank Establishes 1 Trillion KRW Scale Win-Win Platform for Large and Small Businesses

POSCO International and Seoul Guarantee Insurance Sign Win-Win Platform MOU

Bang Moon-gyu, President of KEXIM (center), is taking a commemorative photo on the 19th at KEXIM Yeouido headquarters after signing a business agreement to establish an export foundation for domestic small and medium-sized automobile parts and materials, parts, and equipment companies, together with Ju Si-bo, CEO of POSCO International, and Kim Sang-taek, CEO of Seoul Guarantee Insurance.

[Asia Economy Reporter Kangwook Cho] The Export-Import Bank of Korea announced on the 19th that it signed a Memorandum of Understanding (MOU) with POSCO International and Seoul Guarantee Insurance to establish a 'New Financial Support Win-Win Platform.'

This MOU was prepared by the three institutions to help small and medium-sized enterprises (SMEs) and mid-sized companies, which find it difficult to export independently due to lack of overseas bases, to pioneer overseas export markets through joint and win-win cooperation and to overcome the COVID-19 crisis early.

The main contents of the MOU include △financial support for the production of export goods when domestic automotive parts and materials, parts, and equipment SMEs and mid-sized companies with insufficient export capabilities participate in exports through a bulk export contract method via POSCO International △financial support for POSCO International’s overseas logistics base expansion and localization projects of exporting companies.

At the signing ceremony, Bank President Moon Kyu Bang said, "Through joint financial and export support with the Export-Import Bank of Korea, the representative policy financial institution for domestic export support, Seoul Guarantee Insurance, the largest private comprehensive guarantee company in Korea, and POSCO International, which plays a crucial role at the forefront of the export market, we expect to promote win-win development between large corporations and SMEs and mid-sized companies and contribute to expanding exports of domestic materials, parts, and equipment industries."

Taking this MOU as an opportunity, the Export-Import Bank of Korea plans to expand export items and participating companies and provide a total of 1 trillion KRW in financial support by 2022.

Meanwhile, the three institutions that signed the MOU on this day also plan to hold joint touring briefings mainly in the metropolitan area and major regional hub cities to expand the number of companies participating in the financial support platform.

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