On May 23, the Export-Import Bank of Korea announced the first group of 40 companies to be selected in 2012 for its Hidden Champion Program. Companies selected included Daewon GSI Co. Ltd., Buhmwoo Chemical Industries Co. Ltd., and Chang Shin Inc.

The selected companies had on average 17 patents, revenue of KRW 193 billion, and exports of KRW 121.6 billion. They were evaluated highly in terms of technological capacity, ability to advance into overseas markets, growth potential, CEO management ability, and financial soundness.

Of the 40 companies selected, 21 are mid-sized enterprises and highly recommended by Korea Venture Business Association, Daegoo Metropolitan Office, and Siheung City Office.

In order to assist the chosen companies grow into Korean Hidden Champions, the Bank will provide them with 1-Stop Packages, a combination of financial support for overseas advancement, export-import activities, and overseas investment as well as non-financial services such as legal consultations for international contracts and credit checks.

*Korean Hidden Champion refers to a mid-size enterprise ranked among the top five in its respective sector internationally and exporting more than USD 300 million in goods or services, or a mid-size enterprise with more than KRW 1 trillion in sales with exports comprising over 50% of its sales.

The Bank initiated its Korean Hidden Champion Program in October 2009 to assist outstanding Korean SMEs expand into the global market.

To date, Korea Eximbank has selected a total of 225 Korean mid-sized firms and SMEs for the program.

With the program up and running in its fourth year of implementation, Korea Eximbank hopes to see at least seven candidate companies earn the title of true Hidden Champions this year.

Currently, the Bank has requested verification of global company rankings with Korea Productivity Center. Final determination of Hidden Champion status should be announced mid-June.

Chairman Yong Hwan Kim of the Export-Import Bank of Korea commented, “As with Germany, Korea needs to assist Korean SMEs become leaders of the USD 2 trillion trade volume era. SMEs designated as Korean Hidden Champions this year will serve as a growth model for other Korean SMEs.”

The Bank plans to provide financial support of KRW 3.5 tillion and 700 non-financial services for Hidden Champion candidates this year.