Korea Trade Insurance Corporation Provides First Mutual Growth Trade Finance to HD Hyundai Heavy Industries Partners... Strengthening Export Competitiveness of K-Shipbuilding

First Export Supply Chain Guarantee Provided to Mibu Heavy Industries
Guarantee Fee Support and Preferential Interest Rates
HD Hyundai Heavy Industries and Hana Bank Contribute KRW 28 Billion, Total Preferential Guarantees of KRW 400 Billion Provided

The Korea Trade Insurance Corporation has provided its first mutual growth trade finance support to the partners of HD Hyundai Heavy Industries. This marks the full-scale launch of mutual growth trade financing aimed at strengthening the export competitiveness of Korea’s shipbuilding industry.

The Korea Trade Insurance Corporation announced on the 18th that it has issued the first ‘Export Supply Chain Enhancement Guarantee’ certificate for small and medium-sized partners of HD Hyundai Heavy Industries in the shipbuilding sector.

Youngjin Jang, President of Korea Trade Insurance Corporation (K-Sure).

A representative from the Korea Trade Insurance Corporation explained, “This initiative was launched to support the management stability of partners facing increased financial burdens and to revitalize the shipbuilding ecosystem through balanced growth between large and small-to-medium-sized companies.” The representative added, “Hyundai Heavy Industries and Hana Bank are providing KRW 28 billion in funding, and the corporation will use this as the basis to offer a total of KRW 400 billion in preferential guarantees to Hyundai Heavy Industries’ partners.”

The first beneficiary, Mibu Heavy Industries, will receive KRW 5 billion in export funding under favorable conditions, including a 100% guarantee ratio, a three-year guarantee fee exemption, and preferential interest rates. A representative from Hyundai Heavy Industries stated, “With this financial support as a starting point, we plan to significantly strengthen our support for partners who have struggled with financing.”

The Korea Trade Insurance Corporation is currently operating mutual growth trade finance programs for small and medium-sized partners not only in the shipbuilding sector, but also in industries such as automobiles (Hyundai Motor, Kia, HL Mando), steel (POSCO), and consumer goods (Musinsa, Kolmar). The corporation plans to provide a total of KRW 2.4 trillion in preferential financing. Furthermore, it aims to expand the program to cover national strategic and promising export industries, including semiconductors, bio, and defense, with a goal to secure support totaling up to KRW 10 trillion within the year.

Youngjin Jang, President of the Korea Trade Insurance Corporation, commented, “I hope this financial support program will serve as an opportunity to revitalize the entire shipbuilding sector,” and added, “We will continue to do our utmost to promote the expansion of mutual growth trade finance in order to strengthen our industrial ecosystem and supply chain.”

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