Eximbank, KOBC to anchor supply chain with joint maritime initiative

Export-Import Bank of Korea (Eximbank) President and CEO Yoon Hee-sung, right, poses with Korea Ocean Business Corporation (KOBC) CEO Ahn Byung-gil after signing a business agreement at KOBC headquarters in Busan, Friday. Courtesy of Eximbank

The Export-Import Bank of Korea (Eximbank) said Sunday that it signed a business agreement with Korea Ocean Business Corporation (KOBC) to help stabilize the maritime supply chain.

The agreement, signed Friday at KOBC's headquarters in Busan, outlines cooperation to provide financial support for the shipping and port logistics industries. The goal is to enhance resilience and stability across the supply chain.

As part of the partnership, the two institutions committed to collaborating and sharing information through their so-called "K-Logistics" task force team. They plan to conduct joint research, share data and analysis and explore potential joint projects aimed at strengthening maritime infrastructure.

Eximbank announced that it will prioritize financial support for shipping, logistics and ship maintenance, repair and operational (MRO) sectors through its 10 trillion won ($7.02 billion) supply chain stabilization fund, approved in February to reinforce Korea's supply chain resilience.

The MRO industry provides essential services for engines, equipment and components critical to the smooth operation of vessels. It plays a pivotal role in ensuring the safety, punctuality and reliability of maritime transport.

Looking ahead, the bank also plans to expand its support through equity investments, with a focus on securing key national hub port terminals.

"We expect this agreement to serve as a foundation for stabilizing supply chains and strengthening the global competitiveness of Korean companies in the shipping and port logistics sectors," said Eximbank President and CEO Yoon Hee-sung.

"We hope that the exchange of expertise and personnel between the two institutions will contribute to building a robust framework for identifying support projects and expanding financial assistance," he said. (Advertorial)