2010-07 - Korea IT Times

Trade
Choi Kyung-hwan, Minister of MEK, (fifth from the left) and Ryu Chang-moo, Chairman and President of K-sure,
(fifth from the right) were at the launching of K-sure
slogan, ‘Make your trade sure.’ It emphasizes
the role of agency for stable trade and
foreign investment of Korea.
As the leading trade and investment
support agency, it will conduct the major
projects below. First, Income Insurance
takes effect. It is basically the loss of security
and financial support for the importation
of raw materials and overseas resources.
Second, financial support to
SMEs (Small and Medium-sized Enterprise)
for a variety of international business
and for the operating local subsidiaries.
Third, support the domestic and
foreign investment projects for New
Growth Engine Industry.
The income Insurance Plan, one of the
main projects that K-sure carries out, develops
high quality of trade insurance services
and management for trade between
companies and activation of Investment
Transactions. In fact, the necessity of
Import Transaction support is raised reflecting
recent trade trends such as those
interconnected trade in export and import,
the convergence of trade and investment.
Also, stable political support for securing
oil, gas, key strategies and materials is
needed in the long-term.
Therefore, the Income Insurance plan
will compensate for losses when domestic
importers can not retrieve a prepayment in
the payment in advance condition import
trade. And when financial institutions
loan necessary capital to Income Companies
for importing key resources, the insurance
compensates the loan losses. For imports,
support for import trade such as for
major resource high-tech products, and
raw materials, import transactions should
be shipped within 2 years after advanced
payment. For financial institutions, loans
and payment guarantees about importation
for primary resources, high-tech products
which is payment periods within a
year. The size of support will be KRW 2
trillion in 2010 and it will be KRW 4 trillion
next year. The improved agency
claims to stand for dynamic and innovative
young company. As a professional
agency for trade, investment risk management,
they will shape the global image for
Korea as a world-class company. Just like
their new name, K-sure assures their job
by expressing stability and confidence and
strengthens the power of Korean companies
to advance the global market.
KimYearim/ yearim@koreaittimes.com
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