President Hwang Giyeon of Korea Eximbank Visits Changwon, Vows to Support Strengthening Regional Shipbuilding and Defense Ecosystem

The Export-Import Bank of Korea announced on the 21st that Hwang Giyeon, President of the Export-Import Bank of Korea, visited K Shipbuilding (formerly STX Offshore & Shipbuilding), a mid-sized shipbuilder in Changwon, Gyeongnam, as well as Young Poong Electronics, a leading defense parts SME, on the 19th.

Hwang Giyeon, President of the Export-Import Bank of Korea, visited K Shipbuilding, a mid-sized shipbuilding company in Changwon, Gyeongnam, on the 19th, and is seen conversing with Kim Chan, CEO of K Shipbuilding. Photo by Yonhap News

During this visit, President Hwang announced that the bank will newly provide 150 billion won in advance payment refund guarantees (RG) to support mid-sized shipbuilders like K Shipbuilding whose management has normalized.

President Hwang stated, "Shipbuilding accounts for a significant portion of Korea's exports and makes a tremendous contribution to the regional economy and job creation in the Busan, Ulsan, and Gyeongnam areas. Going forward, we will expand strategic financial support to enhance order competitiveness and strengthen the industrial ecosystem for mid-sized shipbuilders whose management has normalized following past restructuring."

He added, "Young Poong Electronics is actively carrying out sales activities, including the completion of its second plant, to respond to demand in Europe. We will focus on supporting leading small and medium-sized enterprises and mid-sized companies in the region, fulfilling our role in policy finance by driving the creation of quality jobs and revitalizing the local economy."