K-sure Provided Record-Breaking Trade Insurance Support Last Year... "Will Fully Support Maintaining Export Growth This Year"

Historic Maximum Support of 66.6 Trillion Won for SMEs

[Sejong=Asia Economy Reporter Joo Sang-don] The Korea Trade Insurance Corporation announced on the 18th that it supported small and medium-sized enterprises (SMEs) and mid-sized companies with a record-breaking amount of 66.6 trillion won last year, contributing to the achievement of the highest export performance in history.

An official from K-sure stated, "Amid the global intensification of the COVID-19 pandemic and fierce competition to secure supply chains, K-sure supplied a total of 19.59 trillion won in trade insurance, including to SMEs, playing a foundational role in achieving South Korea's highest-ever export performance of 644.5 billion dollars and advancing to 8th place in the global trade rankings."

K-sure provided export support with record-high supply volumes in various sectors, including 66.6 trillion won to SMEs and mid-sized companies, 48.9 trillion won (a 9.2% increase from the previous year) for entry into emerging markets such as New Southern and New Northern regions, and 20.2 trillion won (a 17.7% increase) for 12 new industries, through diverse policies such as expanding liquidity supply for SMEs, activating online direct insurance, opening useful big data to companies, and establishing new support systems for new industries.

Marking its 30th anniversary this year, K-sure plans to promote projects such as ▲ leading trade and investment based on ESG (environment, social, and governance) ▲ driving innovative growth of export SMEs ▲ building a total export support platform.

First, it will strengthen support for promising sectors such as hydrogen and renewable energy to nurture them as next-generation growth engines, and support stable supply chain establishment for Korean companies by activating import insurance for smooth procurement of raw materials along with providing working capital to overseas local subsidiaries of SMEs and mid-sized companies.

K-sure will also enhance tailored support according to growth stages for companies struggling to secure liquidity due to the ongoing COVID-19 pandemic and introduce SME guarantees with maturities within three years. Additionally, through the information provision platform 'K-SURE Research Center,' it will actively open useful data and strengthen customized consulting tailored to each company's characteristics. It plans to take the lead in providing export safety nets and preventing national wealth outflow by activating overseas debt recovery functions and export receivables collection agency services.

Lee In-ho, President of K-sure, said, "I am honored that trade insurance could contribute to drawing a significant milestone by achieving the highest export performance in the 66-year history of trade last year," and added, "We will take the 30th anniversary of our founding this year as a new starting point and continue to provide full support so that the export growth trend can be sustained despite still uncertain external environments such as global supply chain competition, ongoing spread of variant viruses, and interest rate hikes."