The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Yong Hwan Kim, “ Korea Eximbank”) and has announced on November 13 that it formed a panel to support SMEs seeking to win public procurement contracts overseas (especially those funded by the EDCF*) jointly with relevant institutions.

The panel comprises a total of 7 institutions including Korea Eximbank, Korea Engineering & Consulting Association, International Contractors Association of Korea, National IT Industry Promotion Agency, Korea Environmental Industry & Technology Institute and Korea Medical Devices Industrial Cooperative Association.

The representatives of the 7 institutions including Vice-chairman Seop Shim of Korea Eximbank and Vice-President Soo Il Hwang of Korea Engineering & Consulting Association inked the MOU to establish the panel at Korea Eximbank’s headquarter in the morning of November 13.

* The Economic Development Cooperation Fund (EDCF) was established by the Korean government in 1987 to promote economic exchanges and to assist developing countries in achieving industrialization and economic stability through the provision of long-term, low-interest credit. Korea Eximbank currently manages the fund as its trustee. As of September 2012, the EDCF has supported 282 projects in 50 countries with USD 7.6 billion.

Although many SMEs are interested in participating in foreign aid-related projects funded by the EDCF or sponsored by international organizations such as the World Bank and ADB, they face substantial hurdles at the initial stage of their forays overseas due to lack of market information and experience and failure to identify business opportunities.

Accordingly, the panel was formed around EDCF, the fund specializing in foreign aid projects, drawing in institutions representing foreign aid-related sectors that favor the project participation of SMEs, such as IT, environmental engineering, health care, and medium and small-scale construction.

The panel will work to identify project participation opportunities for SMEs in these sectors, and plans to create a website providing information on projects overseas, educate SMEs on how to win bids, and conduct feasibility studies.

As its first initiative, the panel will hold a joint training session to support SMEs eyeing EDCF projects and other public procurement contracts overseas.

The training session, scheduled to be held for 2 days from December 2 at the DMC Tower in Sangam-dong, will consist of lectures on how to prepare bidding documents, conduct feasibility studies and hire consultants, and sharing of know-how by the member institutions.

Admission is free, and participants can register in advance on the websites of the 7 member institutions.

Vice-chairman Shim of Korea Eximbank said, “We hope the establishment of this panel will accelerate the development of the basic capabilities of Korean SMEs to compete for public procurement contracts abroad.”