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Korea Exim News

Seminar for Japanese Financial Institutions in Korea Hosted by Korea Eximbank

Date 2011.04.25 View 28329
□ Korea Eximbank (www.koreaexim.go.kr, Chairman Yong Hwan Kim) hosted the “Seminar for Japanese Financial Institutions in Korea” at Seoul Plaza Hotel on April 14.

□ In the seminar, participants focused on major current issues including financial cooperation and the effects of the March earthquake in north eastern Japan on industries as well as Korea’s imports and exports.

□ The seminar was attended by Minister Tomochika Uyama of Economic Affairs, Embassy of Japan in the Republic of Korea, as well as Seoul branch chiefs of Japanese banks such as Bank of Tokyo-Mitsubishi UFJ (BTMU), Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho Bank.

<Attendees>
Yong Hwan Kim, President & Chairman of Korea Eximbank
Tomochika Uyama, Minister of Economic Affairs, Embassy of Japan in Korea
Mitsuteru Nakayama, Economic Counselor
Seoul branch chiefs of three Japanese banks: Ryo Mitui (BTMU), Minami Aida (SMBC), Takahiko Yasuhara (MIZUHO)
Suk Hyun, Researcher of Korea Capital Market Institute

□ Chairman Kim stated, “Although none of the companies trading with the Bank have been directly affected, Korea Eximbank is prepared to provide multilateral support, including extension of loan maturity, interest, and guarantee fee payment dates, and expansion of financial support if companies become impacted by a prolonged earthquake recovery.”

○ Currently, 212 customer companies of Korea Eximbank have trading relationships with Japanese counterparts. Korea Eximbank has been assessing damage to these companies through telephone surveys and personal visits. So far, there has been no earthquake related damage to customer companies.

□ Chairman Kim indicated, “the Bank plans to increase its cooperation with Japanese financial institutions by co-financing large-scale overseas projects, such as overseas plant and natural resource development projects, participated by Korean companies. The Bank will also enter into additional MOUs in the future.”

○ He added that Korea Eximbank and JBIC agreed to co-host a financing seminar to support the joint entry of Korean and Japanese companies into third country markets in June in Seoul to seek strategies for strengthening financial cooperation between the two nations.

*So far, Korea Eximbank and Japanese banks have co-financed USD 9.4 billion in 17 third country-entry projects by Korean companies, including the Saudi oil refinery project.

**Korea Eximbank signed a co-financing MOU with SMBC in July 2010 for large-scale overseas projects such as plant projects.

□ Regarding the MOU, Minister Tomochika Uyama stated, “I hope Korea and Japan will further strengthen economic cooperation as the economies of the two countries are closely interrelated. Also, the branch chiefs of Japanese banks in Seoul expressed their willingness to actively participate in future business agreements and overseas projects promoted by Korea Eximbank.