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Korea Exim News

EDCF Signs MOU with Korea Customs Service to Modernize Customs Administration in Developing Countries

Date 2022.05.02 View 3868
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* The Economic Development Cooperation Fund (EDCF): It is an official development assistance loan program established by the Korean government in 1987. The Export-Import Bank of Korea is entrusted to manage the fund for developing countries, providing long-term low-interest loan funds to support industrial development and economic stability in developing countries and to promote their economic exchanges with Korea.

 

□ The Economic Development Cooperation Fund ("EDCF") and Korea Customs Service (“KCS“) have joined hands to promote the exports of Korean e-government systems and international development cooperation projects in the field of customs administration.


 ㅇ The Export-Import Bank of Korea (EDCF trustee agency, "Korea Eximbank") Chairman Bang Moon-kyu and KCS Commissioner Lim HaeHyeon met at Korea Eximbank's headquarters in Yeouido on the morning of April 18 and signed a memorandum of understanding (MOU) for comprehensive cooperation for the projects they support from project identification to implementation and follow-up management.

 


□ This MOU was made to support the Ministry of Economic and Finance’s objective to strengthen the linkage between loan assistance and grant aid ODA programs.

 

 ㅇ Korea Eximbank is Korea’s ODA loan implementing agency that operates and manages EDCF entrusted by the Ministry of Economic and Finance and is a key export credit agency that supports Korean companies' overseas expansion.


 ㅇ On the other hand, the KCS has been offering assistance to redesign customs administration and modernize electronic customs clearance systems in developing countries through supporting aid projects and is leading the exports of Korea's e-government systems by introducing Korean electronic customs clearance systems in developing countries.

 

   * Redesign of customs administration and modernization: KCS presents ways to electronic customs clearance systems in developiong countries after analyzing their current status and designing future models of customs administration (selecting 3~4 countries every year).

 

 

□ Through the MOU, they agreed to cooperate in △ exploring countries eligible for the KCS’ aid projects with a view to possible provision of EDCF’s loan support, △ collaborating when the countries that hosted the KCS’ aid projects request EDCF support for their other projects, and △ enhancing the effectiveness and sustainability of EDCF and KCS projects by establishing linkage.

 


□ With the signing of the MOU, EDCF will be able to identify potential projects in connection with the KCS' customs administration redesign projects in developing countries. This will allow rapid support for the establishment of electronic customs clearance systems in developing countries, shortening project period by up to two years.

 

 ㅇ In addition, if EDCF projects are linked with KCS projects in training and system maintenance, project sustainability is expected to be guaranteed.

 

 

□ After signing the MOU, Chairman Bang said, "Under the full cooperation between EDCF and the KCS, we hope that Korean-style electronic customs clearance systems will spread in developing countries more widely."

 

 

□ On his part, KCS Comissioner Lim said, "It is very meaningful that KCS' customs administration redesign projects would actually lead to the establishment of electronic customs clearance systems in developing countries, therby establishing a virtuous cycle of exporting Korean e-government systems in developing countries.“