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Press Release

Korea Eximbank Holds Natural Resources Industry Meeting to Stabilize Supply Chain

Date 2023.02.24 View 8308

□ The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Yoon Hee-sung, “Korea Eximbank") announced on February 24 that it invited domestic and foreign companies in the natural resources industry and held a ‘Meeting of Natural Resources Companies to Stabilize Supply Chain’ on the afternoon of February 23 at the bank’s headquarters. 

 

 ㅇ Twenty five executives and employees in charge of finance and raw material supply from 17 major domestic natural resources companies attended the meeting. 

 

 

□ The meeting was organized to explain Korea Eximbank's plans to expand financial support for the natural resources sector in response to the Korean government’s policies to stabilize supply chains. 

 

 

□ At the meeting, Korea Eximbank outlined the plans including  ▲ development of energy and mineral resources; expansion of financial support for resource offtake and storage facilities ▲ promotion of supply chain stabilization through import substitution and involving commodity trading companies, and ▲ securing supply chains using its Interbank financial* network. 

 

    * Interbank Finance : When Korea Eximbank lends funds to another bank overseas, the local bank lends the funds to a local company for its payment to a Korean exporting company.

 

 

□ Korea imports approximately 95% of its major minerals, heavily relying on imports. 

 

 ㅇ In order to retain sustainable industrial competitiveness, it is most important to secure a stable supply of core minerals. 

 

 

□ At the meeting, the bank explained in detail Korea Eximbank’s financial products available to overseas companies that produce key minerals for secondary batteries such as lithium and loans for processing facilities of Korean companies seeking import substitution.

 

 

□ Korea Eximbank’s Head of Project Finance Group, Kim Hyoung-jun said at the meeting, "We feel heavy responsibility for the difficulties Korean companies are facing in the competition to secure global supply chains and their high expectations towards Korea Eximbank."

 

 ㅇ He added, “Korea Eximbank will contribute to stabilizing supply chains for Korean companies through providing effective and preemptive financial support throughout the whole process of securing core resources."