Jungjingong Partners with Mubo to Provide Export Safety Net for SMEs

Customized Support by Growth Stage for Startups, Export Beginners, and Promising Companies

At the business agreement ceremony between the Korea SMEs and Startups Agency (KOSME) and the Korea Trade Insurance Corporation (K-SURE) held on the morning of the 26th, Kim Hak-do, Chairman of KOSME (right), and Lee In-ho, President of K-SURE, are posing for a commemorative photo.

[Asia Economy Reporter Kim Cheol-hyun] The Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 26th that it signed a business agreement at the Seoul headquarters of the Korea Trade Insurance Corporation (President Lee In-ho, hereinafter referred to as K-Sure) to provide joint support for export SMEs at different growth stages.

The signing ceremony was attended by 10 people, including Kim Hak-do, Chairman of SBC, and Lee In-ho, President of K-Sure. Both organizations agreed to actively cooperate by linking export support projects to help export SMEs overcome crises caused by the prolonged COVID-19 pandemic and the unstable trade environment due to the strong Korean won.

Earlier, last month, SBC signed a business agreement with national shipping companies and the Korea Shipowners' Association to resolve transportation and freight difficulties faced by export SMEs. Subsequently, on-site meetings were held with export companies in Mokpo and Incheon to listen to their concerns. As part of the 'Trade Digital Transformation Measures' aimed at achieving $2 trillion in trade and nurturing 200,000 export SMEs, a four-party agreement was also signed with KOTRA, K-Sure, and the Korea International Trade Association.

Through this agreement with K-Sure, a comprehensive support system for export companies to overcome COVID-19 and trade crises has been established. Through the agreement, SBC and K-Sure will provide customized support according to the export growth stages. Specifically, this includes ▲strengthening the capabilities of young startup companies ▲linking SBC’s export support projects with K-Sure’s guarantee insurance ▲cross-financial support ▲support for credit investigation services for overseas-based companies.

For young startup companies with limited export experience, trade insurance education and consulting will be provided to enhance their capabilities. Export beginner companies will receive free export insurance to minimize risks in early export transactions. Promising export companies will receive cross-financial support amounting to approximately 20 billion KRW. Additionally, for 100 collaborative support companies, free credit investigations of overseas buyers will be provided five times per company to facilitate safe trade transactions.

Chairman Kim Hak-do stated, "We will work together with K-Sure to provide tailored support for export companies at each growth stage and establish an export safety net," adding, "SBC will listen carefully to the voices of SMEs to overcome crises and realize services that can be felt on the ground based on proactive administration."

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