"Clear Export Recovery Trend... Ensuring No Disruptions in Export Finance Support This Year"

Vice Chair Kim So-young Holds Meeting with Export Companies

Kim So-young, Vice Chairman of the Financial Services Commission, stated on the 9th, "This year as well, we will ensure the tasks announced in the government's export finance support plan are carried out without fail," adding, "We will support companies in responding to the introduction of eco-friendly regulations in various countries and will not spare support for export-led industries."

Kim So-young, Vice Chairman of the Financial Services Commission, is delivering opening remarks at the 'Foreign Financial Companies CEO Meeting' held on the 22nd at the Bankers Hall in Jung-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

Vice Chairman Kim made these remarks while attending the 'Export Companies Meeting' held at the Korea Eximbank in Yeouido, Seoul, in the morning, saying, "As a result of cross-ministerial efforts to increase exports, exports have shown a clear recovery trend since the second half of last year."

The government prepared an export finance support plan worth 23 trillion won last August through cooperation with policy financial institutions and banks. The plan included products offering preferential loans and guarantees to companies entering new export markets and policy products to strengthen competitiveness in export strategic industries.

Additionally, the plan included measures such as banks voluntarily establishing preferential products for export companies worth 5.4 trillion won and reducing fees on export bills of exchange, import letters of credit, and forward exchange contracts, which have been obstacles in the export field.

Regarding this, Vice Chairman Kim said, "Since the announcement of the support plan, a total of 16.7 trillion won in funds has been provided to export companies as of February this year, and products with reduced fees on bills of exchange and others amounting to about 8.8 trillion won have been supplied, greatly supporting our export-import companies," adding, "Along with the recovery in industries such as semiconductors, last year's total export volume achieved the third highest record ever."

Export company representatives attending the meeting shared their experiences with the export finance support plan. One company introduced a case where, when a domestic large company built a system semiconductor production complex in the United States and entered together to supply materials, they cooperated with Korea Eximbank to receive low-interest factory construction funds and proceeded with the project smoothly.

Another company shared a case where it was recently selected as a preferential target for forward exchange contracts and received over 90% preferential application of forward exchange rates through Hana Bank's FX non-face-to-face platform service, which greatly helped improve profitability.

Vice Chairman Kim said, "We will seek the cooperation of banks to ensure that preferential fees for forward exchange contracts, export bills of exchange, and import letters of credit, which have high satisfaction among export companies, continue to be provided," and added, "With the future energy fund established by the six major banks investing a total of 9 trillion won, we will help respond to eco-friendly regulations in various countries, and throughout the year, we will intensively supply a total of 102 trillion won plus alpha (α) in funds to five major strategic sectors to enhance export competitiveness."

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