Party and Government "Expanding Export Finance Support to 63 Trillion Won... Public-Private Funding Support"

From 41 Trillion Won in Existing Export Finance to an Additional 22 Trillion Won
"Support for Strengthening Competitiveness of Export Strategic Industries"
Establishment of Overseas Project Package Finance Model

The People Power Party and the government have decided to supply a total of 63 trillion won by adding 22 trillion won to the existing 41 trillion won in export financing to strengthen the competitiveness of export companies.

On the 10th, Park Dae-chul, the chairman of the People Power Party's Policy Committee, held a briefing after the 'Private-Public-Government Council for Comprehensive Export Finance Support Measures to Strengthen Export Competitiveness' at the National Assembly, stating, "Of the additional 22 trillion won to be supplied, at least 4.1 trillion won will be allocated to support the development of new export channels, and 17.9 trillion won will be allocated to strengthen the competitiveness of export strategic industries."

Park Dae-chul, Chairman of the Policy Committee of the People Power Party, is speaking at the Min-Dang-Jeong Council meeting on comprehensive export finance support measures to strengthen export competitiveness held at the National Assembly on the 10th. Photo by Kim Hyun-min kimhyun81@

On that day, the party and government agreed to actively collaborate between the private and public sectors to support export financing. Chairman Park explained, "Until now, the government's announced export support measures were based on public sector resources such as budgets, policies, and low-interest loan guarantees from financial institutions. However, this new measure is designed to strengthen the role of banks by combining resources from policy financial institutions and the private sector," adding, "For example, for partner companies entering overseas markets alongside large corporations, public guarantee institutions and banks plan to collaborate to support export financing worth about 1 trillion won," and further explained, "When Hyundai Motor builds an overseas electric vehicle factory, Hyundai Motor, the Korea Credit Guarantee Fund, and banks will cooperate to provide 300 billion won in necessary funds so that partner companies can enter together."

Additionally, they decided to establish an 'Overseas Project Package Financing Model' to support large-scale project orders conducted overseas. Policy financial institutions such as the Korea Development Bank, the Export-Import Bank of Korea, and the Korea Trade Insurance Corporation, along with commercial banks, will participate to provide special guarantees (loans over 300 billion won with interest rates reduced by up to 1.5 percentage points) for partner companies. Alongside this, commercial banks have agreed to separately create preferential products worth 4.6 trillion won to provide support.

Attending the council on that day were Chairman Park, and from the party side, Lee Man-hee, senior deputy chairman of the Policy Committee, Song Seok-jun, deputy chairman of the Policy Committee, among others. From the government side, Kim Ju-hyun, chairman of the Financial Services Commission; Yoon Hee-sung, president of the Export-Import Bank; Kim Bok-gyu, executive director of the Korea Development Bank; Kim Hyung-il, executive director of the Industrial Bank of Korea; Kim Kwang-soo, chairman of the Korea Federation of Banks; Choi Jin-sik, chairman of the Korea Federation of Medium-sized Enterprises; and Jung Yoon-mo, vice chairman of the Korea Federation of SMEs were present.

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