The policy finance firm to provide 65 tln won in trade insurance to fan exports and give favorable guarantees to job creating firms to help Korean firms to continuously expand global market
President Moon Jae-do of Korea Trade Insureance Corp.(K-sure)
Korea Trade Insurance Corp.(K-sure) announced recently that it plans to sign trade insurance contracts worth 65 trillion won by 2022 to support Korea¡¯s international trade while introducing a number of trade insurance products including the Job Creation Network Guarantee, next month, to benefit SMEs so that they can create new jobs.
President Moon Jae-do said in a media get-together on April 10 that the company is ready to go all the way to give support to SMEs so that they can boost their exports by overcoming protectionism, and catch up with large firms in growth to close the growth gap between the large and small firms.
In order to bring that about, K-sure will boost its trade finance support to 49 trillion won this year and to 65 trillion won in 2022, up 32.6 percent.
He said he will see that those trade finance will be provided to the SMEs through the conveyor belt like facilities so that they will get them for sure without much troubles in the process and risks so that they may focus fully on exporting goods and services.
K-sure is also ready to give the incentives to SMEs advancing to newly emerging markets and new industries while professional trading firms will get a 35 percent discount in insurance premiums when they enter the risky markets in emerging countries by allowing 10 percent more cut on 25 percent discount already made.
The business firms entering new industries including electric cars, robotics, bio health and others will also be given favorable insurance premiums., the CEO said.
In addition, the K-sure will provide an opportunity to South Korean financial institutions, including the Korea Development Bank (KDB), to participate in developing country investment development projects dominated by foreign firms. Pres. Moon of K-sure said ¡°The overseas construction market is changing to investment and development projects where not only technology but also financing abilities are important. The K-sure will focus on helping domestic companies to obtain more investment development projects as well as domestic financial institutions to take part in foreign projects in the future.¡±
The company will help the SME exporters to meet one-on-one with large foreign import firms to boost their exports and explore other global markets in Africa, Asia and CIS, in particular, the construction and infrastructure projects by providing them with trade insurance products that they can benefit from in addition to the Middle East market known for various plant projects in particular.
K-sure is also ready to help create new jobs around the country with its New Workplace Network Guarantee and special job support program. He said K-sure will be alert to new changes to explore new future and make reform one after another so that it will win the trust of the people and its customers as a state policy finance institution.
The Korea Trade Insurance Corporation was officially established on July 7, 2010 at its headquarters located in Seorin-dong, Jongno-gu, Seoul. Hence, the Korea Export Insurance Corporation, established on July 7, 1992, has been renamed the Korea Trade Insurance Corporation on its 18th anniversary in order to become a total trade investment and insurance provider.
Minister Moon said during the ceremonial speech, ¡°The Korea Export Insurance Corporation has been reborn as the Korea Trade Insurance Corporation in order to support the import of raw materials and major materials in addition strengthening credit support for overseas investment, overseas business, overseas resources development, and trade with large companies and SMEs.¡±
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A view of the building in Seoul where K-sure has its offices. (Photos: K-sure)