Jungjinkong Provides Safe Export with 'Trade Insurance and Guarantee Services' in Export Voucher Project

Jungjingong Collaborates with KOTRA and Korea Trade Insurance Corporation
Full Support for Export Promotion

The Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 19th that it has newly established the 'Trade Insurance and Guarantee Service' in the Export Voucher Project, jointly operated with the Ministry of Trade, Industry and Energy (Minister Lee Chang-yang) and KOTRA (President Yoo Jung-yeol).

The Trade Insurance and Guarantee Service is provided to prepare for risks such as non-payment of export proceeds and exchange losses due to exchange rate fluctuations for companies participating in the Export Voucher Project, thereby strengthening the export safety net. The detailed items include ▲ ‘Short-term Export Insurance’ that guarantees the risk of non-payment of export proceeds by buyers ▲ ‘Overseas Debt Collection Agency’ that collects export proceeds not covered by trade insurance ▲ ‘Exchange Rate Fluctuation Insurance’ to prepare for exchange rate fluctuation risks ▲ ‘Pre-shipment Export Credit Guarantee’ that can enhance creditworthiness when export companies apply for export financing ▲ ‘Overseas Company Credit Investigation Service’ that allows inquiry of information on overseas buyers.

Companies participating in the Export Voucher Project can receive post-settlement support of up to 10 million KRW within the limit of the Export Voucher issuance amount for costs paid after using services provided by the Korea Trade Insurance Corporation. Ahn Jeong-gon, Head of the Global Growth Division at SBC, stated, "We will strive to resolve difficulties faced by export companies and prepare for potential risk factors through cooperation among related organizations so that small and medium venture companies can actively enter overseas markets."

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