The Export-Import Bank of Korea (Korea Eximbank) held a conference with representatives of ten SMEs based in the greater metropolitan area of Seoul on February 9, 2012.

The conference was held at the Incheon Branch of the Small and Medium Business Administration. Representatives discussed the difficulties faced by exporting SMEs in securing funds as a result of the credit crunch and slowdown in the real economy ensuing from the Eurozone fiscal crisis, as well as strategies to address such difficulties.

Dr. Yong Hwan Kim, president and chairman of Korea Eximbank, expressed, “Korea Eximbank will actively support technologically advanced new growth SMEs and SMEs that have expanded into overseas markets in conjunction with large corporations by providing KRW 1 trillion via the Bank’s Global PaSS Program launched in December 2011.”

He added, "Korea Eximbank plans to provide KRW 3.5 trillion in support, an increase of 21% over that of last year, to develop and strengthen Korean SMEs as key global players and the backbone of our economy. We will be shifting from the process of selection of Korean Hidden Champions to the actual support stage."

A representative of a company located in Bupyong-gu, Incheon commented, “As the economy slows, corporate loans become more polarized. This polarization have become more evident as a result of the EU fiscal crisis. In times like these, Korea Eximbank, as a policy bank, should provide timely and sufficient financing for SMEs.”

Korea Eximbank plans to produce global SMEs by providing tailored services above and beyond just financial services, such as legal advisory services regarding international laws and consulting for overseas expansion. Such services will be provided to 250 Hidden Champions candidates and 60 additional Hidden Champions that will be selected in 2012.

After the conference, Chairman Kim made visits to two SMEs in the area including ACE Technology, which specializes in parts for telecommunications devices, and Dongbo Industrial, which manufactures parts for automobiles.

Chairman Kim commented during his visit to Dongbo Industrial, “Korean automobiles are able to succeed in global markets thanks to the efforts of outstanding companies specializing in automotive parts. We will provide such companies with our full support and help them become Hidden Champions.”

Since his appointment to Korea Eximbank in February 2011, Chairman Kim has held 16 talks with the CEOs of export companies and personally made visits to exporting SMEs to assess the difficulties faced by SMEs and develop practical solutions.

Korea Eximbank will increase support for SMEs by 7% from last year’s amount to provide KRW 15 trillion.