Heads of State-Run Banks Step Up Corporate Support Overseas

Companies and Export-Import Bank Business Trips to the US and Australia
Checking Startup Ecosystem and Strengthening Networks

[Asia Economy Reporter Song Hwajeong] Heads of national policy banks have taken overseas business trips to provide support for companies. According to the financial sector on the 11th, recently, Yoon Jong-won, President of Industrial Bank of Korea, and Bang Moon-kyu, President of Export-Import Bank of Korea, have consecutively embarked on overseas trips.

President Yoon visited Silicon Valley, USA, from the 3rd for a 4-night, 6-day trip. Through the Silicon Valley trip, President Yoon directly observed the innovative startup ecosystem in the US and discussed ways to strengthen the role of policy financial institutions in the domestic venture capital market. During this trip, President Yoon signed a Memorandum of Understanding (MOU) with the global accelerator 500 Startups to jointly provide investment and acceleration for startups and cooperate to support startup growth. Additionally, President Yoon visited Silicon Valley Bank (SVB), a venture finance specialized bank, to discuss ways to support venture loans based on growth potential rather than collateral or financial indicators, and agreed to review the introduction of Silicon Valley-style venture loans adapted to domestic conditions.

President Bang visited Australia from the 6th to 8th (local time) to strengthen cooperation networks in the resource and infrastructure sectors. He discussed with key companies in Australia's mineral, energy, and infrastructure sectors about stabilizing the supply chain of minerals and energy to Korea and expanding the foundation for winning infrastructure projects. President Bang met with Santos, Australia's largest energy company, to discuss stabilizing the natural gas supply chain amid recent price and supply instability and the Barossa gas field development project being promoted with SK E&S. He also met with the Victoria State Treasurer and Capella, a leading infrastructure project owner, to discuss Victoria's future infrastructure project plans and ways to expand Korean companies' participation. Victoria is promoting infrastructure projects worth a total of 100 billion Australian dollars (approximately 91 trillion KRW) from 2021 to 2051.

President Bang also held a meeting with Hancock, an Australian mineral company, focusing on stabilizing the supply of key minerals and jointly promoting steel raw material projects applying eco-friendly technologies.

Earlier, last month, President Bang visited Latin America and met with the Presidents of Colombia and the Dominican Republic, as well as the President of the Central American Bank for Economic Integration (CABEI), to discuss comprehensive cooperation plans for Korean companies' entry into Latin American infrastructure and energy projects. Additionally, at the opening ceremony of the Korea Eximbank Bogota office, President Bang signed a $100 million on-lending financial agreement with Banco de Occidente, a Colombian bank specializing in lease financing.