KITA-IBK Begin “Overseas Marketing & Financing Package Support Project”
for Small and Medium Sized Exporters
The Korea International Trade Association (Chairman, Kim In-ho) and the Industrial Bank of Korea (IBK, CEO, Kwon Seon-joo) signed “a memorandum of understanding to enhance supports for online and offline exports of the small and medium-sized businesses and established companies” at Trade Tower in Samseong-dong on April 7 (Tuesday).
Through the MOU, the two parties agreed to implement “the overseas marketing-financing package support project” with a view to supporting the SMEs and the established companies to make inroads into other countries successfully. The project is designed to jointly discover businesses and build a sustainable cooperation system in order to help the small and medium sized exporters smoothly use export financing as well as enjoy the benefits of online and offline overseas marketing.
The two organizations will finance the overseas offline marketing of the small and medium-sized exporters. When KITA recommends exporters, IBK will closely support them through “the customized financing program for each stage”. For the participating companies, the free individual consultation service, financing, the favorable exchange commission, exchange rate, remittance charge will be provided.
The two parties also agreed to work together to help the small companies take advantage of the FTAs. They will jointly deliver presentations on FTAs in local areas and visit companies and provide them one on one tailored on-site consultation service. In addition, they are planning to offer intensive financing supports which are specialized for online marketing, for example, the financing service for B2C’s online payment and settlement for small amount transactions, the favorable transaction fees for import and export contracts, etc.
Jang Ho-geun, Executive Managing Director of KITA said “If the two parties cooperate organically, the synergy effects for the entry of SMEs and established companies will be maximized”. He added “The two organizations will continue to work on developing the customized services for the small and medium-sized companies through organic cooperation between the two parties”.
