Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Eximbanks vow cooperation for risk diversification
Export-Import Bank of Korea (Eximbank) CEO Bang Moon-kyu, center, joins hands with executives of export credit agencies from 15 countries during the 2019 Asian EXIM Banks Forum at the Shilla Hotel Jeju, Wednesday. / Courtesy of Eximbank
By Park Jae-hyuk
By Park Jae-hyuk
The Export-Import Bank of Korea (Eximbank) has been holding the three-day Asian EXIM Banks Forum on Jeju Island, the state-run bank said Wednesday.
The forum was launched in 1996 to boost ties among export credit agencies (ECAs) in Asia.
It is comprised of ECAs of 11 Asian countries and the Asian Development Bank (ADB) which participates as a permanent observer. The 11 countries are Korea, China, Japan, the Philippines, India, Indonesia, Vietnam, Thailand, Malaysia, Turkey and Australia.
The event, which started Tuesday, has been attended by the 11 ECAs and four observers ― the ADB representing Asia, the U.K. Export Finance representing Europe, Export Development Canada representing the Americas, and the Abu Dhabi Fund for Development representing the Middle East.
They discussed measures to enhance cooperation in order to overcome uncertainties in the global economy, under the theme, “Revisiting Asian ECAs' role in shifting global economic landscape.”
On Tuesday, the first day of the forum, the first high-level meeting of ECAs from Korea, China and Japan took place.
During the meeting attended by Eximbank CEO Bang Moon-kyu, Japan Bank for International Cooperation Deputy Governor Nobumitsu Hayashi and Export-Import Bank of China Vice President Sun Ping, the three ECAs agreed on co-financing for their entries into the infrastructure markets in other countries. They will also organize a committee to inspect this plan on a regular basis.
“Considering the growing uncertainties, cooperation among the Asian ECAs has become necessary,” Bang said during Wednesday's forum. “Sharing knowhow and diversifying risks through cooperation among ECAs in the region, we will be able to help our businesses expand their presences in the foreign infrastructure markets.”