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Korea Exim News

Korea Eximbank Publishes Strategies to Promote K-New Deal Globalization

Date 2021.01.21 View 7635

 

The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Bang, Moon-Kyu, “Korea Eximbank“) announced on January 21st that it published 「Korea Eximbank’s Mid-to long-term Strategy Report to Deliver Measurable Results in K-New Deal Globalization」.

 

This report focuses on seven priority sectors selected by Korea Eximbank to promote the K-New Deal’s globalization and contains its funding strategies and volume (80 trillion won) over the next 10 years (2021-2030).

- Korea Eximbank’s loans to the New Deal industries is expected to increase from 9% this year to 21% by 2030.

 

* Seven priority sectors

(Green New Deal) ①Hydrogen Energy, ②Wind Power, Solar Energy, ③Secondary Battery · ESS, ④Future Mobility

(Digital New Deal) ⑤5G · Next Generation Semiconductor, ⑥Pharmaceutical · Healthcare, ⑦Digital · Content

* Amount of financial support over the next decade (80 trillion won to be extended in two phases)

(Phase 1: '21~'25) KRW 30 trillion to further strengthen the global competitiveness of major export items such as secondary batteries and 5G

(Phase 2: '26~'30) (When major K-New Deal sectors (such as hydrogen energy) enter a full-scale growth phase) KRW 50 trillion to support the country‘s drive to emerge as a leading country in the green and digital new deal areas

 

Korea Eximbank's strategy to support the K-New Deal centers around the government policies focusing on transition to an advanced economy and backing up Korean companies’ domination in global markets.

- Korea Eximbank plans to provide KRW 80 trillion for the next 10 years, starting with a total of 5 trillion won in 2021, the base year of delivering tangible outcomes of the K-New Deal globalization efforts.

 

< Korea Eximbank’s 3 Key Business Plans for 2021>

 

[1] (Export EXIM) Re-clinching the $600 billion record in exports

The Bank plans to supply a total of 72.1 trillion won in 2021.

 

- To this end, the Bank will extend KRW 5 trillion to globalize the K-New Deal industries, KRW 23 trillion to support heavy industries to win back global orders, and KRW 29 trillion to strengthen the global export competitiveness of small-and medium-sized companies.

 

In particular, the Bank’s provision worth KRW 29 trillion (about 40% of loans) to small-and medium-sized companies will be the largest amount ever to be supported. Also, it will introduce the "K-New Deal SME Credit Line*" to offer a prompt financing solution to small-and medium-sized companies in the New Deal industries.

* K-New Deal SME Credit Line: With credit limits pre-set to each company, the funds can be provided swiftly when financing demands for individual projects arise.

 

[2] (Digital EXIM) Driving digital innovation

- Korea Eximbank will innovate its financial support platform by developing a non-face-to-face online platform. It will also launch an automatic data-based audit system within this year, the first case among the policy financial institutions in Korea, and will secure budget of about 70 billion won to start building a data center (to be completed in 2024).

- This will enhance the accessibility of Korea Eximbank’s financing to small-and medium-sized export companies, increase the work efficiency and further refine the credit screening of the Bank through digital and data-based processes.

 

[3] (ESG EXIM) ESG Values Taking Root throughout the Bank’s management

- Korea Eximbank plans to scale up its eco-friendly loan portfolio, including expanding Green New Deal financing. The Bank will also provide preferential loans to companies putting priority on ESG values, and expand the issuance of ESG bonds.

- In addition, Korea Eximbank will continue to monitor and strengthen its anti-corruption and clean management infrastructure* system to improve its social responsibility and internal control.

* Korea Eximbank received the highest grade in integrity assessment (Corruption and Prevention Management System) in 2020 among the policy financial institutions of Korea and obtained ISO 37001 certification (International Standard of the Anti-bribery Corruption and Prevention Management System).

 

Chairman Bang said, "Korea Eximbank’s key business plans for this year aim to respond to the rapidly changing internal and external environment and support the government policies such as globalization of the K-New Deal.“ He added,“We will exert efforts to deliver tangible outcomes in export growth, digital innovation, and expansion of ESG management."