"Mubo is a Strong Ally for Export Companies, Committed to Providing the Best Support"

Lee In-ho, President of Korea Trade Insurance Corporation (left), is visiting Daewoong S&T, a small and medium-sized steel material parts export company located in Gwangju, on the 12th, touring the site.

[Sejong=Asia Economy Reporter Kwon Haeyoung] Lee In-ho, President of Korea Trade Insurance Corporation, visited export-oriented small and medium-sized enterprises (SMEs) to directly hear about their difficulties.

On the 12th, President Lee visited Daewoong S&T, a steel material parts export SME located in Gwangju, to listen to their challenges and conveyed solutions through trade insurance.

Daewoong S&T is an SME that manufactures steel material parts used in home appliances and automobiles and sells them to countries such as Poland and Vietnam. Since 2012, it has consistently utilized trade insurance systems including export insurance.

Kang Yongseon, CEO of the company, said, "Last year, the global shutdown made it difficult to expand exports, but the Korea Trade Insurance Corporation's emergency export stabilization fund support was a great help." However, he expressed concern, saying, "Recently, global steel prices have risen sharply, causing production funds for securing raw materials and manufacturing export products to also increase."

President Lee guided ways to procure production funds using the Korea Trade Insurance Corporation's export credit guarantee system and promised to support SMEs to actively increase exports amid the difficult trade environment.

The Korea Trade Insurance Corporation is supporting the export growth trend by closely supporting export sites and expanding trade insurance supply. Through special COVID-19 response support such as trade insurance deductible extensions, insurance and guarantee fee discounts, emergency export stabilization funds, and early cash conversion of export receivables, it supported a record high of 59.6 trillion KRW to SMEs and mid-sized companies last year. From January to April this year, it supplied 21.4 trillion KRW, an increase of 9.8% compared to the same period last year, marking the largest support scale for SMEs and mid-sized companies in the January-April period ever.

In addition, in line with the advancement of key export items and high growth of promising items, it supported a record high of 17.1 trillion KRW for new industry exports last year, and supplied 6.5 trillion KRW from January to April this year, an increase of 26.4% compared to the same period last year.

President Lee stated, "Although trade conditions remain difficult due to the prolonged COVID-19 pandemic, export companies are overcoming the crisis wisely through their good performance and bold policy support," and added, "As a reliable partner for export companies, we will make every effort to ensure that exports continue their growth momentum."