Eximbank supports expansion of Korean exporters in US

Eximbank Korea Vice President Kang Jung-soo, second from left, and U.S. Export-Import Bank First Vice President Judith D. Pryor, third from left, pose for a photo at local law firm Shin & Kim in Seoul, Tuesday.

The Export-Import Bank of Korea (Eximbank) and its U.S. counterpart held a roundtable to advance strategies for Korean exporters to expand its presence in the world’s largest economy, the Korean state-run lender said Tuesday. Also attending were officials of Korea Trade Insurance Corp. and local law firm Shin & Kim.

In attendance were officials of 28 organizations, including 14 Korean local market players seeking to enter into the U.S.' electric vehicles (EVs), batteries, core mineral supply chains and carbon-neutral energy industries. They shared financing and investment programs as well as information and developments on the U.S. Inflation Reduction Act and clean energy-related government assistance.

One-on-one consultations were organized to explore greater business opportunities in the U.S.

Tuesday’s event was a follow-up to a previous joint agreement signed in December of last year between the state-run lenders of the two countries. The cooperation pledged was related to EVs, carbon-neutral energy sectors and supply chain stability.

The two lenders plan to bolster joint funding assistance for strong local players with investment projects in North American regions.

U.S. Export-Import Bank First Vice President Judith D. Pryor said Korea is a very important partner to the U.S. to advance efforts to diversify supply chains, and outline joint measures to counter the climate crisis.

“We have sought growth opportunities for a project with Korean firms to produce successful results,” Pryor said.

Eximbank Korea Vice President Kang Jung-soo said the two state-lenders will be able to produce tangible results.

“Continued cooperation between export credit agencies of Korea and the U.S. will lead to effective reorienting of the global supply chain involving EVs,” he said. 

“We expect a more positive outcome through the cooperation in the low-carbon energy sector.”