Mubo-KOSME Signs MOU to Support Export-Startups' Overseas Expansion

[Asia Economy Reporter Kim Bo-kyung] The Korea Trade Insurance Corporation and the Korea Industrial Complex Corporation signed a "Business Agreement to Revitalize Overseas Expansion of Export Beginner Companies in Industrial Complexes" on the 9th at the Incheon Regional Headquarters of the Industrial Complex Corporation.

This agreement was prepared to inject export vitality into companies located in industrial complexes nationwide that are struggling due to a decrease in orders caused by the novel coronavirus infection (COVID-19).

The two organizations agreed to jointly support trade insurance and guarantees to help export beginner companies actively expand overseas. For "export target companies" located in industrial complexes, K-Sure will provide export safety net insurance to cover the risk of non-payment of export proceeds up to $20,000 annually, with the insurance premiums supported by the Industrial Complex Corporation.

For companies needing production funds, K-Sure will also support special guarantees based on export contracts.

Additionally, K-Sure will provide free one-on-one export consulting to companies introduced by the Industrial Complex Corporation and regularly hold explanatory sessions on trade insurance systems.

Before the signing ceremony, the heads of both organizations held a meeting with six companies located in Incheon to listen to voices from the industrial field.

At the meeting, Oh Hak-seong, Vice President of Innotron, said, "Thanks to the emergency export stabilization funds supported by K-Sure last month, we are overcoming the COVID-19 crisis well," and requested continuous expansion of trade insurance and guarantee support for small and medium-sized enterprises and mid-sized companies.

The emergency export stabilization fund is a newly introduced system by K-Sure as a follow-up measure to the "Export Vitality Enhancement Plan" announced by the Ministry of Trade, Industry and Energy and the government in April, providing up to 500 million KRW per company in response to COVID-19.

K-Sure and the Industrial Complex Corporation plan to actively implement customized support systems for nurturing export companies targeting companies located in industrial complexes by collecting opinions from the field.

Lee In-ho, President of K-Sure, said, "Amid ongoing global economic uncertainties caused by the spread of COVID-19, I hope the collaboration between the two organizations will contribute to reducing overseas transaction risks for companies located in industrial complexes and serve as an opportunity to support overcoming the crisis through exports."

Kim Jeong-hwan, Director of the Industrial Complex Corporation, stated, "I hope this agreement will be of some help to companies located in industrial complexes struggling due to COVID-19," and added, "We hope to continue practical collaboration so that the Industrial Complex Corporation and K-Sure can develop into true partners."

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