The Export-Import Bank of Korea (Korea Eximbank) announced this year’s plans for its Hidden Champion Program*. The program for 2012 will include KRW 3.5 trillion in financial support and 700 non-financial services. Korea Eximbank will also select 60 additional Hidden Champions for the program.

* The Hidden Champion Program aims to nurture exporting SMEs which have strong potential for growth. Selected SMEs will be provided with financial support and non-financial services so that they may develop into global firms with over US$300 million in exports.

For 2012, Korea Eximbank increased financial support by 21% from KRW 2.9 trillion to KRW 3.5 trillion.

The support is comprised of KRW 2.52 trillion in export loans, KRW 770 billion in overseas investment credits, and KRW 210 billion in import credits.

The increase was determined in light of Korea Eximbank’s role and mission as a policy bank to preemptively provide funds to exporting SME’s experiencing difficulties in procurement of funds after the global financial crisis.

Non-financial support services will also be increased.

Korea Eximbank will provide 35% more non-financial services to exporting SMEs including international legal consulting, importer credit analysis, and export consulting.

In addition, the bank will select twelve SMEs with outstanding export performance for visits to original Hidden Champion companies in Switzerland, Germany, etc. to learn first-hand of their keys to success.

Korea Eximbank will also be selecting 60 additional Hidden Champions this year. More of Ministry of Knowledge Economy’s (MKE) “World-Class 300**” companies will be selected, and the bank plans to jointly publicize the Hidden Champion program with local governments and export-related institutions. Companies hoping to be selected for the Hidden Champion Program may apply in March and August.

** World-Class 300 is a government program aimed at developing 300 global firms by 2020. MKE selected 30 companies last year.

Chairman Kim Yong Hwan of Korea Eximbank stated, “In order to expediently reach our goal of US$2 trillion in trade volume, we need a shift in our export paradigm. With our Hidden Champion Program up and functionally running, we expect to have solid Hidden Champions by this year."