POSCO International and KEXIM Support SME Exports

[Asia Economy Reporter Choi Dae-yeol] POSCO International and the Export-Import Bank of Korea announced on the 13th that they have decided to provide financial support to help small and medium-sized enterprises (SMEs) with technological capabilities export their products. On the same day, at the Export-Import Bank headquarters, Yoon Hee-sung, the bank president, Ju Si-bo, president of POSCO Inter, and Yang Jun-ho, president of S&S INC, the beneficiary of the agreement, signed a business agreement for supply chain stabilization and win-win financial support.

Specifically, they agreed to provide financial support until 2025 to enhance the value chain competitiveness of domestic companies in the global supply chain and to assist companies' exports through the Export-Import Bank's digital supply chain factoring program, which will launch services within this month. This program is an online platform that purchases export companies' accounts receivable early based on the buyer's credit rating.

S&S INC, selected as the support target, is a specialized manufacturer of forged parts for automobiles, producing key forged parts for automobile transmissions and reduction gear parts for electric vehicles. The company has been exporting to North America, Europe, and Asia in cooperation with POSCO Inter. Under this agreement, the company supplying the products can utilize the credit rating of the buyer, POSCO Inter, without separate credit evaluation. It also becomes possible to easily convert accounts receivable into cash through the online platform.

The company stated, "Many companies are facing difficulties securing supply chains due to the rapidly worsening logistics and raw material crises this year, so support from the government and various sectors is urgently needed."

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