The Korea Trade Insurance Corp. (K-SURE) said on July 6 the corporation will offer an operation fund to each of the two local entities of two Korean K-culture leaders.
The latest support takes on significance as K-SURE has expanded its financial support from conventional heavy industries to soft power industries, such as content and beauty.
K-SURE decided to provide $100 million in an operation fund to CJ ENM USA, a U.S. entity of CJ ENM, a global IP powerhouse.
CJ ENM USA is a parent company of FIFTH SEASON, a global premium film and television production and distribution studio.
The company has been helping the Korean content entering the North American market by producing and distributing a variety of content, such as dramas, films and documentaries.
The latest financial support is expected to contribute to the spreading of the K-content on the global market.
K-SURE also decided to offer about $25 million in financial support to Kolmar USA, a U.S. subsidiary of Kolmar Korea, a global cosmetics ODM company.
The financial support is expected to be executed after related procedures are completed.
The U.S. entity has been pursing efforts to expanding K-beauty production bases to the global market and accelerate its North American presence.
K-SURE decided to provide the special support by highly evaluating Kolmar Korea’s technology power ang growth potential.
The latest support is expected to support efforts to build a cosmetics production hub in the North American market.
K-SURE President Jang Young-jin said, “The K-culture is a core strategic industry that raises Korea’s brand value, so we will spare support to help Korean companies secure their competitiveness on the global market.”
A whole view of the site of a 1,200MW photovoltaic power plant project Serbia pursues energy transition as part of efforts to join the EU. (Photo: UGT Renewables)
K-SURE Provides 900 Million Euro to Photovoltaic Power Project in Serbia
The Korea Trade Insurance Corp. said the corporation will offer 900 million Euro in export financial support for a Serbian photovoltaic power project in which Korean companies, including Hyundai Engineering, are participating.
The project involves a 1,200MW photovoltaic power plant project Serbia pursues energy transition as part of efforts to join the EU.
Hyundai Engineering has formed a consortium with UGT Renewables, a U.S. investment development company.
The Korean company is responsible for engineering, procurement and construction of the project.
Korean-made core materials and equipment, such as modules and transformers are expected to be supplied for the project.
K-SURE is sharing the risks of the project by reinsuring Korean-made products among the financial support, to be offered by EKN, Sweden’s export credit agency.
The latest project is an another one in which K-SURE teams up with EKN following their cooperation for a photovoltaic power project in Angola in 2020.
The financial support is expected to help Korean companies raise their competitiveness on the global photovoltaic power market.
K-SURE President Jang Young-jin said, “The photovoltaic power project is the largest-ever one in which Korean companies have landed from abroad and a first Serbian national energy project.
K-SURE will not spare support to help Korean companies tap foreign renewable energy markets in keeping with global energy paradigm shift.”
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