□ On January 20, Korea Eximbank (www.koreaexim.go.kr Chairman, Dong-Soo Kim) announced plans to conduct an open call for SMEs hoping to be selected for the “2010 Korean Hidden Champion” program. 100 SMEs selected for the program will receive a total of KRW 1 trillion in support.


○ In line with goals to nurture Korean Hidden Champions with technological superiority and substantial market share overseas, Korea Eximbank will allocate KRW 100 billion to the development of technologies and 30 billion to the research of overseas markets.

□ In addition, the Bank plans to provide SMEs selected for the program with comprehensive expert consulting services in areas such as exchange risk, international law, overseas marketing, etc. As the first step in launching the program, the Bank entered into an agreement with KOTEC (Korea Technology Finance Corporation) on January 19 for cooperation in the selection and promotion of SMEs with potential to become a “Hidden Champion.”

○ In accordance with the agreement, KOTEC will evaluate the technologies of the enterprises and the Bank will then select SMEs based on the evaluations of KOTEC and other criteria.

□ Chairman, Dong-soo Kim and the executive director of the strategy development credit group will hold quarterly meetings and workshops in order to better understand the needs and opinions of SMEs.

□ Beginning January 25, the Bank will hold an open call for candidate SMEs and select 60 enterprises in the first half of 2010 and the final 40 in the second half of the year.

○ Exporting SMEs with confidence in their technologies and great potential for growth may apply to be reviewed for the opportunity. (Contact: 02-3779-5293, 5296)

□ “We have made our search for Hidden Champions public to maximize participation by exporting SMEs. We hope many SMEs with the technology and passion to succeed in the international market apply so that they may develop into Korean Hidden Champions to serve as the backbone for Korea’s economy,” stated a Korea Eximbank representative.

□ A “Korean Hidden Champion” refers to SMEs with over USD 100 million in exports and potential for securing a sizeable market share in the global market.

○ The Bank hopes to nurture 300 Hidden Champions and increase Korea's outbound shipments to US$4.8 billion, GDP to US$25.6 billion, respectively, and generate an additional 500 billion won in tax revenues by 2019.

※ Dr. Hermann Simon defines “Hidden Champions” as companies that are not well known to the public but which rank 1-3 in terms of market share and have sales of under US$4 billion.