KOTRA Holds Financial Support Meeting for Defense Export Partner Companies

The Korea Trade-Investment Promotion Agency (KOTRA) announced on the 14th that it held a 'Defense Industry Export Partner Financial Support Meeting' at the KOTRA headquarters on the 13th.

Lee Ok-hyun, Head of the Defense Materials Trade Support Center at KOTRA (third from the left in the front row), is speaking at the "Defense Export Partner Financial Support Meeting" held on the 13th at KOTRA headquarters in Seoul. Photo by KOTRA

The meeting, hosted by the KOTRA Defense Material Trade Support Center (hereinafter referred to as the Defense Center), was held to introduce financial support systems for small and medium-sized defense export companies and to discuss related difficulties and system improvement measures. Attendees included defense export companies such as KAI, as well as the Ministry of Trade, Industry and Energy, the Defense Industry Promotion Association, the Defense Industry Mutual Aid Association, the Korea Trade Insurance Corporation, and financial institutions including Shinhan, Woori, and Gyeongnam Banks.

The Defense Center and financial institutions introduced support systems for defense export partners and early-stage export companies. Additionally, they shared improvements made last year based on feedback from companies after the implementation of measures such as easing support procedures and requirements, and expanding targets and limits. The meeting also discussed challenges related to export finance support faced by defense export companies and financial institutions.

Lee Ok-heon, head of the KOTRA Defense Material Trade Support Center, stated, "Based on today's discussions, we will continuously improve the defense export financial support system to ensure it operates properly in the field and resolve difficulties faced by companies. We will supplement the system to allow preferential support based on actual delivery performance to defense export companies instead of project verification during financial support, and actively communicate with financial institutions, related organizations, and companies to share information on companies in need of financial support."