This is the ninth of a series of articles featuring Korea’s best public entities, state-run organizations and government-backed corporations selected through surveys among experts. ― ED.
By Kim Tae-gyu
In the aftermath of the global financial crisis in 2008, countries have struggled to find overseas clients. But Korea was different ― it rose to become the world’s ninth-largest exporter in 2009 and seventh last year.
Many were behind the exploits and one of the most significant factors was the Korea Trade Insurance Corp. (K-sure), which played a big role in boosting the country’s outbound shipments.
``In 2009, we insured Korean companies’ trades worth 165 trillion won and the amount jumped to 187 trillion won last year. The figure will likely further rise to top 190 trillion won this year,’’ a K-sure official said.
``When uncertainties sprouted up amid the economic turmoil, local exporters were able to ship their products across the world while trusting our insurance services.’’
K-sure guarantees payments of exported items even when importers default on their imbursement, the services that emerge as an alternative of the traditional letter of credit systems.
The Seoul-based outfit debuted in 1992 as the trade insurer of the country as Korea Export Insurance Corp. (KEIC). It changed the title to K-sure midway through last year.
Its president, Cho Kye-ryoong, was the founding member of the KEIC and took charge of K-sure this June to spearhead the outfit’s goal of jacking up its insured amount to 216 trillion won by 2015.
Under Cho’s stewardship, K-sure has come up with the Africa initiative, to extend cooperation with African countries.
K-sure has already racked up substantive results, signing a memorandum of understanding with GECAMINES, a state-owned mining firm in the Democratic Republic of the Congo, last month.
Under the MOU, GECAMINES will provide Korean firms with opportunities to co-develop raw materials in the nation. In return, K-sure will finance long-term projects.
Through such efforts, Cho vows to help Korea attain a key trade target this year.
``As the only trade insurer in Korea, we at K-sure look forward to Korea hitting the $1-trillion mark in trade this year,’’ Cho said on the company’s website.
``We will strive to support exports and overseas investment through our insurance and guarantee programs toward the goal of turning Korea into the seventh-largest trading nation in the world.’’
Plus, Cho has said that K-sure will home in on various programs dedicated to small- and medium-sized enterprise (SME) exporters instead of one-size-fits-all policies.
``We will also extend better support to SME exporters, one of the major pillars of the Korean economy, to help them penetrate global markets and expand the nation’s export platform,’’ the 56-year-old said.
``We will offer tailored programs to help SMEs enter emerging markets, which are now rising as the new frontier of the global economy.’’