Mubo, Emergency Support for Companies Affected by the Ukraine Crisis

[Asia Economy Sejong=Reporter Kwon Haeyoung] The Korea Trade Insurance Corporation announced on the 3rd that it will implement the 'Emergency Support Plan for Companies Affected by the Russia-Ukraine Situation' to minimize damage to export companies caused by instability in the Russia-Ukraine situation.

Through this measure, K-sure will strengthen support for export companies in Russia or Ukraine in ▲diversifying export trading partners ▲securing liquidity ▲import support for major raw materials with increased supply instability. First, to resolve liquidity difficulties of export companies due to delays in collecting export payments from buyers, the 'Pre-shipment Export Credit Guarantee' limit will be extended without reduction. In cases where payment defaults occur in export transactions insured by short-term export insurance, insurance payments will be promptly made within one month.

Financial support for importing raw materials with increased supply risks will also be strengthened. Platinum, aluminum, and other items will be newly designated as insurable import items, and the available financial support limit will be preferentially increased up to 1.5 times. Additionally, to allow for adding or changing trading partners by checking the financial status of buyers due to the emergency and discovering new buyers, the overseas company credit investigation fee will be waived for up to five cases.

Lee In-ho, President of K-sure, stated, "As supply chain risks and raw material price increases have continued since last year, we are closely monitoring the impact of the Ukraine situation on export companies," and added, "Based on this emergency support, we will strengthen cooperation with the government and related organizations to ensure that export companies can flexibly respond to changes in the external situation and find new opportunities with full effort."

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