SUEUN and MUBO Sign Multilateral MOU for Financial Cooperation with Czech National Policy Financial Institution

With Both Leaders Present... Expectation to Strengthen Competitiveness of Korean Companies in Securing Czech Infrastructure Projects

[Image source=Yonhap News]

The Export-Import Bank of Korea and the Korea Trade Insurance Corporation announced on the 22nd that they have signed a multilateral Memorandum of Understanding (MOU) with Czech national financial institutions.

On the 20th (local time), Yoon Hee-sung, President of the Export-Import Bank of Korea, and Jang Young-jin, President of the Korea Trade Insurance Corporation, met in Prague, Czech Republic, with Michal Nevesky, Director of the Czech Development Bank (NRB), Daniel Krumfolc, President of the Czech Export Bank (CEB), and David Havlicek, President of the Czech Export Credit Insurance Corporation (EGAP), to sign the MOU aimed at activating financial cooperation. President Yoon Suk-yeol and Czech Prime Minister Petr Fiala attended the signing ceremony.

The Czech Republic is a manufacturing powerhouse in Europe, especially in the automotive and semiconductor sectors, and is gaining attention as a foothold for Korean companies entering the European market. It is expected that trade between the two countries will increase in advanced industries such as eco-friendly vehicles and batteries. The Export-Import Bank of Korea explained that it pursued this MOU to strengthen the mutual financial cooperation foundation between the two countries, support Korean companies’ entry into the Czech market, and further enhance the competitiveness of Korean companies in securing strategic projects.

The contents of this agreement include sharing information and seeking joint support measures for large-scale infrastructure projects, financial cooperation to support companies operating in both countries, and expanding the use of various programs by each institution to stabilize supply chains. At the signing ceremony, President Yoon said, "The cooperation foundation between the policy financial institutions representing the two countries will be further strengthened," adding, "We will serve as a bridgehead to enable our companies to actively enter markets such as the Czech nuclear power plant, high-speed rail, and defense industry."

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