Export-Import Bank and Public Procurement Service Sign MOU to Promote Overseas Expansion of Export SMEs

When Public Procurement Service Shares Information on Excellent Procurement Companies, K-sure Provides Financial and Non-Financial Services
Linking K-sure's 'Export Early-Stage Company Support Program' with Public Procurement Service's 'G-PASS Support Project'

Kang Kyoo Bang, President of the Export-Import Bank (left), and Moon Kyung Jung, Administrator of the Public Procurement Service, are taking a commemorative photo after signing a business agreement at the bank's headquarters in Yeouido on the 7th.

[Asia Economy Reporter Kangwook Cho] The Export-Import Bank of Korea announced on the 7th that it has signed a "Business Agreement to Promote Overseas Expansion of Exporting Small and Medium Enterprises (SMEs)" with the Public Procurement Service.

This business agreement was established to support exporting SMEs that have excellent technological capabilities but face difficulties in expanding overseas due to lack of financial resources.

The Export-Import Bank of Korea and the Public Procurement Service are actively supporting SMEs' overseas expansion through the "Export Startup Support Program" and the "Overseas Procurement Market Entry Promising Companies (G-PASS) Support Project," respectively.

Taking this business agreement as an opportunity, the Export-Import Bank of Korea plans to expand financial support such as priority screening and preferential interest rates for 790 G-PASS companies designated by the Public Procurement Service, and also provide non-financial services such as international contract legal advice.

The Public Procurement Service will also utilize the G-PASS company pool to provide excellent procurement company information to the Export-Import Bank of Korea and strengthen support for SMEs' entry into overseas procurement markets by leveraging domestic and international procurement networks.

In particular, the two institutions plan to share information related to the Economic Development Cooperation Fund (EDCF) projects to indirectly support the expansion of domestic SMEs' entry into overseas procurement markets.

After signing the business agreement on the day, Bank President Moon Kyu Bang said, "Combining the capabilities and experience of the Export-Import Bank of Korea and the Public Procurement Service is expected to further broaden the path for SMEs to expand overseas in the future," adding, "The Export-Import Bank of Korea will intensify support for export startup companies that find it difficult to pioneer export markets on their own and accelerate SMEs' entry into the global market."

At the same venue, Jung Moo-kyung, Administrator of the Public Procurement Service, said, "The business agreement with the Export-Import Bank of Korea is expected to be a great help to SMEs struggling with overseas expansion," and added, "We will also strengthen support for entry into local procurement markets through EDCF projects to diversify the routes for our companies to enter overseas procurement markets."

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