Expanding Export Channels for Pharmaceuticals and Biotech... Korea Trade Insurance Corporation Signs MOU with Pharmaceutical Export Import Association

The Korea Trade Insurance Corporation has announced that it will provide trade insurance and overseas market information to domestic pharmaceutical and bio companies in order to strengthen the export competitiveness of the pharmaceutical and bio industries.

On the 26th, the Korea Trade Insurance Corporation stated that it had signed a Memorandum of Understanding (MOU) with the Korea Pharmaceutical Export Import Association to enhance the export competitiveness of the pharmaceutical and bio industries.

Jang Youngjin, President of the Korea Trade Insurance Corporation (right), is taking a commemorative photo with Ryu Hyungsun, Chairman of the Korea Pharmaceutical Export Import Association, after signing a business agreement at the Korea Trade Insurance Corporation in Jongno-gu, Seoul on the 26th. (Photo by Mubo)

An official from the Korea Trade Insurance Corporation explained, "This agreement was established to support the continuously increasing exports of the pharmaceutical and bio industries and to expand opportunities for Korean companies to enter overseas markets. Both organizations have agreed to work together to facilitate overseas market entry for pharmaceutical and bio companies by providing international information and trade insurance."

First, the Korea Trade Insurance Corporation will offer group insurance so that exporting companies can explore overseas markets without worrying about the risk of non-payment. The Korea Pharmaceutical Export Import Association will sign export insurance contracts on behalf of its members, thereby covering the risk of non-payment for their export receivables. Additionally, the two organizations plan to strengthen cooperation by sharing information on how to utilize trade insurance and overseas market trends.

Ryu Hyungsun, Chairman of the Korea Pharmaceutical Export Import Association, stated, "This agreement has established a foundation for pharmaceutical and bio companies to conduct export transactions with greater stability. In particular, we expect tangible benefits such as mitigating overseas transaction risks and improving profitability through trade insurance."

The Korea Trade Insurance Corporation previously revised its internal regulations in January to allow insurance limits to be set for importers with limited short-term financial capacity, reflecting the high R&D costs characteristic of the bio industry. The corporation expects that this agreement will serve as a catalyst, enabling more pharmaceutical and bio exporters to benefit from trade insurance.

Jang Youngjin, President of the Korea Trade Insurance Corporation, said, "The pharmaceutical and bio industries, which have shown remarkable export growth recently, are sectors that require support through trade insurance. We will continue our efforts to ensure that the pharmaceutical and bio industries are established as next-generation export engines."

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