Business Agreement with Robot Industry Promotion Agency... Compensation up to $50,000 for Export Payment Losses
Lee In-ho, President of Korea Trade Insurance Corporation. (Photo by Korea Trade Insurance Corporation)
[Asia Economy Reporter Moon Chaeseok] On the 20th, the Korea Trade Insurance Corporation announced that it signed a "Business Agreement for the Promotion of Robot Industry Exports" with the Korea Robot Industry Promotion Institute at the main office of the Robot Industry Promotion Institute in Buk-gu, Daegu.
This agreement was prepared to jointly support the overseas expansion and export competitiveness enhancement of promising robot companies amid growing interest in the use of robots due to the 4th Industrial Revolution.
According to the agreement, K-sure will support group insurance, etc., so that domestic small and medium-sized robot companies can reduce the risk of non-payment of export proceeds.
Group insurance is a system in which organizations such as local governments or associations proceed with the insurance contract procedures on behalf of affiliated export companies and conclude contracts collectively, making it convenient as export companies do not need to subscribe individually.
When the Robot Industry Promotion Institute recruits companies promoting exports and subscribes to group insurance, K-sure will compensate losses up to $50,000 for companies that suffer damage due to non-payment of export proceeds.
The agreement also includes K-sure's free export consulting and buyer credit investigation services, as well as the Robot Industry Promotion Institute's support for export insurance premiums.
Lee In-ho, President of K-sure, said, "The robot industry is one of the promising new industries with high growth potential in the future," adding, "We will strengthen the support foundation so that robot companies with technological skills and competitiveness can grow beyond the domestic market and into the global market."
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