The Export-Import Bank of Korea will offer loans worth KRW 66 trillion, and the Korea Trade Insurance Corporation will offer KRW 200 trillion trade insurance and increase trade insurance support for emerging markets from KRW 85 trillion to 90 trillion this year.
 

Small- and mid-sized companies will receive KRW 16.5 trillion in export financing and KRW 5.6 trillion in trade insurance.
 

The government plans to invest KRW 100 billion to each of the two financial institutes in order to expand financial support for large-scale projects and to consolidate export financing this year; and to make further investment by 2013.
 

The Export-Import Bank of Korea will identify 300 small- and mid-sized companies by 2019 to increase export of SMEs and established companies. Also, the Korea Trade Insurance Corporation will select 100 companies to provide incentives in insurance limits and premiums. The companies chosen by the two institutions will be encouraged to post export of USD 100 million.
 

The Ministry of Knowledge Economy announced measures to resolve grievances related to export financing, aimed at achieving USD 1 trillion export this year, at the 80th meeting for the national economy which was presided over by President Lee Myung-bak.
 

The announcement by the Ministry includes grievance resolution for export financing, advancement into emerging markets, venturing into new trade areas, support for SMEs' overseas marketing, and expansion of export by utilizing the national image.
 

Head of Office of International Trade & Investment Kim Gyeong-sik was asked whether the government decision to increase investment in the Export-Import Bank of Korea and the Korea Trade Insurance Corporation is to provide financial support for building atomic power plants in the United Arab Emirates at a briefing after the meeting, and answered "the investment is not aimed to support a specific project, but to improve the overall loan and guarantee capacity by increasing capital."
 

The investment increase for the two financial institutions was included in this year's budget disclosed last September.
 

Kim Gyeong-sik added that Ministries agreed to cooperate to relieve emerging markets' anti-dumping measures or regulations to restrict import, to have the Act on Industry Convergence which is designed to increase convergence products passed by the National Assembly as soon as possible, and to increase the number of approved exporters.
 

The Ministry of Knowledge Economy said in its report that it would establish an industry development cooperation plan to vitalize industrial cooperation with developing countries using official development assistance as a medium in the first half of this year.
 

Korea Business Centers, which serve as a trade foothold in emerging countries, will be increased from 60 last year to 72 this year.
 

Also, the Ministry plans to commercialize research results in the robotics, 3D TV, RFID, and biosimilar industries within this year, and find out ways to advance into foreign markets.
 

Presidential Council on National Branding, the Ministry of Culture, Sports, and Tourism, and the Ministry of Knowledge Economy will jointly devise a support system for Korean wave marketing activities in order to channel the new Korean wave into the economic Korean wave. KOTRA, Korea Creative Content Agency, Korea Foundation for International Culture Exchange, and private experts will be involved in establishing the system.

Source: Yonhap News (Feb. 10, 2011)