On March 30, the Export-Import Bank of Korea concluded an MOU for the Global PaSS Program with Hyundai Heavy Industries, Hyundai Mipo Dockyard Co., LTD., and Hyundai Samho Heavy Industry.

* The Global PaSS Program is comprised of Pa) Partnership in Overseas Business to assist SMEs that have expanded overseas with large corporations, S) Sustainable Growth with SMEs to support new growth SMEs with technological leadership and S) Seed, a community outreach program for disadvantaged groups.

This signing was participated by Chairman Yong Hwan Kim of the Export-Import Bank of Korea, Mr. Jae-sung Lee, CEO of Hyundai Heavy Industries, Mr. Won-gil Choi, CEO of Hyundai Mipo Dockyard, and Mr. Byung-wook Oh, CEO of Hyundai Samho Heavy Industries. The participants strengthened their commitment to promoting shared growth of large corporations and SMEs.

The shipbuilding industry has long been recognized as a key driver of Korea’s economy. Last year, shipbuilding became the top export industry for the first time.

However, only 64% of shipbuilding equipment is Korean. The ratio is substantially lower than the 90% Korean equipment ratio of the automotive industry. In particular, the ratio of Korean equipment ratio in high value-added industry of offshore facilities is only 20%.

The Bank and the Hyundai Heavy Industries Group concluded the agreement to increase the proportion of Korean equipment utilization in Korean shipbuilding and offshore facility sectors for advancement of the technological and managerial capacities of SMEs.

Since February 2011, the Bank has made great efforts for shared growth of large corporations and SMEs.

The Bank has concluded cooperation agreements for shared growth with major Korean companies in key export industries such as power, IT, and plants, and has plans to sign such agreements with corporations in industries such as electronics to further spread the shared growth program.

In particular, as large corporations are recommending the program to partner companies, the Bank expects to reach its goal of providing KRW 1 trillion in financial support for shared growth without much difficulty.

Chairman Kim stated, “Shared growth of large corporations and SMEs is no longer an option; it is essential. I hope this MOU serves to expand the culture of shared growth to all industries.”

President Jae-sung Lee of Hyundai Heavy Industries commented, “I am very appreciative of the Bank’s efforts to improve the competitiveness of partner companies in the shipbuilding industry. We will also make every effort to create a healthy business ecosystem by establishing strategic partnerships with partner companies.”