Visiting President Bang Moon-kyu Inspects COVID-19 Affected Companies... Visits Press Machine Manufacturer Simpack
Bank Governor Bang: "Policy Funds Will Be Provided Timely to Overcome the COVID-19 Crisis and Revitalize Exports"
Visiting Kyu Bang, President of the Export-Import Bank (photo far left), visited Simpack, a small and strong metal press machine company in Incheon, on the 12th to inspect COVID-19 affected companies and strengthen on-site communication, listening to explanations from Chinsik Choi, Chairman of Simpack (photo center).
View original image[Asia Economy Reporter Park Sun-mi] Bang Moon-kyu, President of the Export-Import Bank of Korea, visited a small and strong metal press machine company in the Incheon area to inspect companies affected by COVID-19 and strengthen on-site communication.
On the 14th, the Export-Import Bank of Korea (hereinafter ‘KEXIM’) announced that President Bang visited SIMPAC, a manufacturer of metal forming machines and ferroalloys, in Incheon on the 12th to listen to the difficulties faced by the related industry.
SIMPAC is a leading small and strong company with the largest domestic market share in the metal press machine manufacturing sector, supplying various products to metal processing industries such as automobile manufacturing and aerospace. Last year, as the upstream industries shrank due to COVID-19, causing SIMPAC to suffer from export declines, KEXIM provided 58 billion KRW in policy funds to help overcome COVID-19.
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At the meeting, Choi Jin-sik, CEO of SIMPAC, said, “Fortunately, the upstream industries are showing signs of recovery, so financial support is needed to secure overseas raw materials in preparation for increased demand from our customers.” In response, President Bang said, “We will do our best to ensure timely financial support for small and medium-sized enterprises (SMEs) and mid-sized companies to overcome the COVID-19 crisis and to re-leap in exports through entry into new industries,” adding, “We plan to utilize comprehensive financial programs including loans, guarantees, and investments to actively support strengthening export competitiveness and global market entry of SMEs and mid-sized companies.”
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