The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Bang, Moon-Kyu, "Korea Eximbank") announced on March 14 that Korea Eximbank Chairman Bang Moon-Kyu visited a metal molding machine and alloy iron manufacturing company, SIMPAC on March 12 to inspect the impacts of COVID-19 and listen to industrial grievances with respect to the damaged caused by the pandemic.
SIMPAC is a small giant in the metal press manufacturing sector with the largest market share in Korea. The company supplies various products to metal processing industries such as automobile manufacturing and aerospace.
SIMPAC is successfully expanding presence in the global press market backed by Korea Eximbank’s policy financing as a stepping stone. It exported a total of $12 million worth of products to large companies in emerging companies including JBM, a leading auto parts maker in India.
Last year, Korea Eximbank provided 58 billion won in policy funds to the manufacturer to help overcome COVID-19 when the upstream industries have shrunk due to the pandemic, causing immense setbacks such as a large decrease in exports.
SIMPAC CEO Choi Jin-sik said in a meeting with Chairman Bang, "As the upstream industries are showing signs of recovery to our relief, we need financial support to secure overseas raw materials to prepare for the increase in demand from customers."
In response, Chairman Bang said, "We will make every effort to make sure we provide funds to SMEs in a timely manner to help them regain the export markets by overcoming the COVID-19 crisis and entering new markets."
Korea Eximbank plans to utilize a comprehensive range of financial programs it has such as loans, guarantees, and investments to strengthen the export competitiveness of SMEs and actively support their entry into the global market.
In order to establish a customer-friendly support system, Korea Eximbank established the SME Operation Department and Growth Support Team dedicated to supporting export beginners in Korea.
