Korea Eximbank, Gangwon Province launch joint financing push for K-food exporters
Korea Eximbank Chairman and CEO Hwang Ki-yeon, right, tours the production facilities of food manufacturer Sejun F&B in Hongcheon, Gangwon Province, Friday. Courtesy of Korea Eximbank
The Export-Import Bank of Korea (Korea Eximbank) is expanding financial support for food exporters in Gangwon Province as part of a broader push to help companies outside the Seoul metropolitan area enter overseas markets, the state-run lender said Monday.
The initiative’s first beneficiary is Sejun F&B, a rice-based food manufacturer located in Hongcheon, Gangwon Province. A maker of convenience foods including rice cakes and “nurungji” (scorched rice), the company is developing its own brand as it looks to build a presence in international markets.
Korea Eximbank CEO Hwang Ki-yeon visited the food maker’s production facilities, Friday, as part of the bank’s efforts to support the overseas expansion of regional K-food businesses.
Under a memorandum of understanding (MOU) signed last month between Korea Eximbank and the Gangwon Provincial Government, the lender provides participating companies with loans at preferential rates, while Gangwon Province reimburses the bank for part of the interest-rate reduction.
The financing comes as rice-based food exports have grown steadily over the past decade, driven by the rising popularity of products such as frozen “gimbap” (seaweed rice rolls) and “tteokbokki” (chewy rice cakes in spicy sauce). The government has set a goal of raising exports of processed rice products to $400 million by 2028.
“We are actively expanding our export network beyond our traditional markets in the Middle East and Southeast Asia to countries like the U.S.,” said Park Seung-yong, CEO of Sejun F&B.
“K-food has evolved into an important new growth engine for Korea’s exports,” Hwang said. “Korea Eximbank will continue expanding tailored financial support for small and midsize companies outside the Seoul metropolitan area to help regional industries compete in global markets.”