Chairman Lee Duk-hoon of the Export-Import Bank of Korea (Korea Exim Bank), said in his New Year statement that the bank has set resurgence as the top goal this year.
First, the bank will provide support to businesses to create new opportunities, taking into account that Korea’s major industries have been hit by reduced overseas demand, mainly due to the slowdown in the Chinese economy.
The bank will lead the exploration of new markets by providing financial consultations to companies from an early stage of their new ventures overseas. They will be provided with appropriate financial packages to help them win new projects abroad.
Secondly, the bank will focus on helping businesses with great potential in health medicine, ICT and cultural contents. They must be fully developed as part of the “knowledge concentrated industry” and be able to demonstrate the results of their growth. The knowledge industry, including the service industry, can create jobs for youths.
Thirdly, the bank will give support to SMEs so that they can be competitive in overseas markets, as they are key to the Korean economy. The bank will cooperate closely with Creative Economy Reform Centers around the country for the localization of the SMEs in the regions in which they operate to enhance their competitive edge to the point where they can succeed overseas.
Fourth, the bank will extend help to the business community so it can be more effective in restructuring. Many firms are facing problems in many areas of their operations due to the slowdown in the economy, which will undermine the national economy if it is prolonged much longer. Those companies need to restructure their operations in order to improve their chances of surviving the current challenging business environment.
Fifth, the bank will support moves for the reunification of the Koreas through an effective management of the South-North Fund and economic cooperation with developing nations. The bank hopes to play a key role in bringing about unification of the divided Koreas earlier than expected.
The Export-Import Bank of Korea will support Korean firms seeking to tap the Iranian market by exploring business opportunities in accordance with the government's plan for market penetration. In January, the United States and most allies lifted sanctions that had been placed on Iran because of its overt nuclear program.
On July 14, the “P5+1” world powers (the U.S., Russia, China, the U.K., France and Germany, plus and Iran) reached a historic agreement in Vienna, Austria called the Joint Comprehensive Plan of Action to resolve Iran's nuclear issue.
Korea Eximbank categorizes Iran as one of the Key Countries for its Financial Support and prepared “Comprehensive Plan for Advancement Strategy to Iran” in accordance with Iran's economic development plan. The plan includes the financial support by sector and phase, satisfying the demands of Korean firms to make inroads into the Iranian market. Korea Eximbank will steadily expand its financial support in the order of medical services, infrastructure, and oil and gas in accordance with phases of sanctions being lifted. A conditional Framework Agreement with project sponsors and local financial institutions in Iran will be concluded on the assumption that the sanctions will be fully removed. To that end, once Korean companies win projects in the sectors of infrastructure, gas or oil, Korea Eximbank will execute all-out financial supports for them.
At the same time, through organizing Korea consortiums, the Bank will participate in competitive bidding processes in Iran more actively than ever.
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