The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Yong Hwan Kim, “Korea Eximbank”) announced on November 26 that it hosted a conference for the CEOs of 30 Korean companies newly selected as candidates for the ‘Hidden Champion’ program in the second half of this year, including Kangrim Heavy Industries and L&F New Material.

The Hidden Champion Program, launched by Korea Eximbank in November 2009, is the first program in Korea designed to foster the growth of globally competitive SMEs. Over the last 3 years, the bank has selected 251 candidates for the program and has provided KRW 7.9 trillion in financing and about 1,500 non-financial services for those candidate firms.

This year in particular, Korea Eximbank raised the annual target for the amount of funding support from KRW 3.5 trillion to KRW 4 trillion, sensing a need to preempt liquidity shortfalls that may result from the global recession. The revised funding target is expected to be reached by the end of the year.

In July, Korea Eximbank certified 7 mid-size enterprises, exporting more than USD 300 million and ranked among the global top five in their respective sectors, as the first Korean Hidden Champions to grow out of the program.

During the conference, Chairman Yong Hwan Kim of Korea Eximbank emphasized, “The Hidden Champion Program will accelerate the growth of mid-size enterprises capable of dominating global markets. It is a key pillar of our strategy to build a sustainable economic environment by strengthening the backbone of our economy."