Eximbank supports SMEs' entry into global procurement market

Officials of seven institutions including Export-Import Bank of Korea (Eximbank) hold a meeting aimed at helping small firms find business opportunities in the international procurement market, at the bank in Seoul, May 9. / Courtesy of Eximbank

The Export-Import Bank of Korea (Eximbank) held a meeting with local institutions to help small- and medium-sized enterprises (SMEs) find business opportunities in the global procurement market.

Six institutions took part in the meeting, held May 8 at the bank, to share information on the results of overseas business feasibility studies and discuss how to support small firms in an efficient manner.

The institutions were the Korea International Cooperation Agency (KOICA), International Contractors Association of Korea, Korea Engineering and Consulting Association, Korea Environmental Industry and Technology Institute, National IT Industry Promotion Agency and Korea Medical Devices Industrial Cooperative Association.

They also discussed cooperation with the Economic Development Cooperation Fund (EDCF), an aid fund run by Eximbank.

Established in 1987, the EDCF has provided 17.85 trillion won in aid to 55 countries through 419 projects, as of the end of 2018.

In addition, participants spoke about plans for a briefing session for SMEs on entering global procurement markets, which is set to be held later this year.

Plans include inviting experts from multilateral development banks such as the World Bank, Asian Development Bank and Asian Infrastructure Investment Bank and creating programs introducing the EDCF and KOICA's projects.

"This meeting is a good example of cooperation between institutions to improve efficiency of official development assistance (ODA), by sharing information on feasibility studies that are ongoing in different regions to find business opportunities, and by discussing cooperation with the EDCF," an Eximbank official said.

"We will make utmost efforts so that ODA can help more Korean SMEs with competence in technology and products enter international procurement markets.”

Eximbank, established in 1976, is a state-run lender providing comprehensive export credit and guarantee programs to support local companies in conducting overseas business.