Korea Trade Insurance Corp. (K-sure) is a core public financial firm that is leading the second boom in Korean businesses in the Middle East in the wake of President Park Geun-hye’s official trip to the region in early March.
During the presidential tour of the region, K-sure concluded an MOU on mutual cooperation with Kuwait Petroleum Corp., which involves the trade insurance company providing $2 billion won worth of trade insurance to Korean firms participating in projects to be ordered by KPC. Under the agreement, KPC should increase its imports of Korean products and services.
K-sure also concluded an agreement with ICIEC, the largest credit export firm in the region, and K-sure will provide credit on infrastructure, agriculture, health and medicine, communication and energy, among others, in cooperation with ICIEC. K-sure officials said they have built a base for Korean firms to use Islam financial sources, network and know-how to advance into the Middle East and Africa, altogether some 41 countries in the region and the continent with abundant natural resources and great growth potentials.
K-sure has also been busy participating in international discussions on expanding global trade representing Korea.
On March 23, K-sure joined the representatives of BRIC nations such as Brazil, Russia, India, China and South Africa, to discuss issues related to expanding trade among those nations at a meeting in Berlin, Germany. In the meeting, K-sure presented a new ship credit insurance, one of the new financial techniques to attract the attentions of those participants.
In February, K-sure signed an agreement with the central bank of Cuba and an external financial bank to allow them to have accesses to 60 million Euros on credit.
All these financial transactions are part of K-sure’s strategy to help SMEs find their way to the international market, especially the construction market, with K-sure ready to provide 42 trillion won worth of guarantees to SMEs to secure plant construction projects overseas, in the Middle East and Africa in particular.
K-sure has allocated 10.7 trillion won for general construction and plant construction projects, up 2.9 trillion won from those last year. K-sure will also help them secure mid- to long-term financial support.
The trade insurance company will also look after SMEs to get the certificate of implementation and also get mid- to long-term financial funds with its help in the international financial market. K-sure will also extend its support to SMEs in case of war, state defaults and other crises that they can run into in the process of entering the world market for businesses, by expanding its overseas investment insurance boundaries.
President Kim Young-hak of K-sure said K-sure will set up a support network with foreign government institutions, business firms and financial organizations by signing prior tie-ups so they can deal with them in diverse and close ways.
K-sure will work hard to give support to SMEs to boost their competitiveness in different areas, including general construction and plant construction, not limited to complete products exports.
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