In his New Year’s message on Jan. 1, Chairman & President Yoon Hee-sung of the Export-Import Bank of Korea (KEXIM) said, “The crisis our economy is facing will be converted to an opportunity to make a take-off anew by bracing for uncertainties and coping with the changing situation fast.”
“The government plans to ramp up exports as the direction of core policies and concentrate national capabilities,” Chairman Yoon said.
He said more than 60 percent of KEXIM’s financial support goal will be supplied in the first half of the year to help the nation overcome a crisis and make an economic leap forward.
Specifically, Chairman Yoon spoked of inaugurating programs to support advanced strategies industries, financing 16 trillion won in innovation industries, promoting financial cooperation in nuclear power and defense industries and supporting 31 trillion won in SMEs and mid-size enterprises.
Chairman Yoon said, “Technology and resources blocks, deepening of ‘‘country first policy and strengthening of environmental regulations have exacerbated supply chain uncertainties.”
He stressed the need for full financial support to secure the stability of major resources, such as core minerals for secondary batteries.
Yoon also emphasized sustainable growth. “New trade barriers, such as the U.S. Inflation Reduction Act (IRA) and the EU’s Carbon Border Adjustment Mechanism (CBAM) in the wake of climate change responses, and a global energy crisis have sprung up, and KEXIM plans to supply a combined 15 trillion won in the ESG sector to brace for eco-friendly and carbon neutrality economies.”
Yoon urged KEXIM executives and staffers to ramp up their expertise and work capabilities.
“As I said during my inauguration ceremony, I will explore ways of supporting and do my utmost so that you, financial experts, can be recognized more on the global stage and you can demonstrate your capabilities,” he said.
KEXIM plans to operate a joint labor-management task force team to overhaul a personnel management system.
The bank has a strategy to build a personnel system based on merit and capabilities, upgrade digitalization and facilitate the use of female manpower.
“KEXIM will carry out social responsibilities, put into practice ethics management and reinforce in-house surveillance to become a public entity, trusted by people, and you will be urged to join forces with an ownership mindset to change KEXIM,” he said.
UAE Promises to Invest $30 Billion in Korea During President Yoon’s State Visit
Korea and the United Arab Emirates agreed to ramp up cooperation in investment and financial sectors on the back of President Yoon Suk-yeol’s state visit to the UAE.
UAE agreed to invest $30 billion in Korea, the biggest-ever amount the Middle Eastern country had promised with foreign countries.
The Ministry of Economy and Finance said on Jan. 15 the UAE government agreed to invest $30 billion in Korean companies in energy, nuclear power, hydrogen, photovoltaic power and defense sectors with UAE state funds, including Mubadala, taking the initiative during President Yoon’s summit talks with UAE President, Sheikh Mohamed bin Zayed Al Nahyan.
UAE’s decision on the investments is expected to contribute to promoting economic cooperation as a special strategic partnership between Korea and the UAE.
Korea Development Bank struck an MOU on strategic investment partnership with Mubadala as part of efforts to materialize the investments.
Both sides agreed to explore ways of making joint investments in Korea in advanced areas, such as life science and expand investment collaboration, such as sharing investment information and joint entry to third countries.
KEXIM signed an MOU to cooperate with TAQA, one of the major procurement companies in the Middle East.
TAQA is a diversified utilities and energy group headquartered in Abu Dhabi. The company owns hydronic power facilities, produces and supply power and water and carry out large-sized combined cycle power plants in Korea and abroad.
Under the deal, KEXIM plans to conclude a framework agreement to offer swift financial support to Korean companies’ implementation of projects.
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