President Youngjin Jang: "Small Shipbuilders and Equipment Suppliers Are Key to Korea's Supply Chain"... 70 Billion Won Special RG Support

Government and Korea Trade Insurance Corporation Expand Support with Increased Special Funding
Korea Trade Insurance Corporation: "Setting a Model Example of Productive Finance"

The government and Korea Trade Insurance Corporation are working to improve financial accessibility across the shipbuilding industry by securing additional special support funds and expanding support to include small-scale shipbuilders.

Korea Trade Insurance Corporation recently announced on June 4 that it has issued advance payment refund guarantees (RG) worth approximately 70 billion won to support new orders for domestic small shipbuilders.

Youngjin Jang, President of Korea Trade Insurance Corporation (K-SURE).

An official from Korea Trade Insurance Corporation stated, “This support was provided to alleviate the financial burden on small and medium-sized shipbuilders facing difficulties in winning contracts due to insufficient RG limits. The government and Korea Trade Insurance Corporation secured additional special support funds and expanded the scope of support to small shipbuilders, serving as an example of productive finance that enhances industry-wide financial accessibility.”

According to Korea Trade Insurance Corporation, Korea Yanase, a ship component manufacturing company, had difficulties securing new orders due to limitations on RG issuance by financial institutions. However, with support totaling 46 million dollars provided twice by Korea Trade Insurance Corporation, the company is now building vessels stably. Korea Trade Insurance Corporation also issued an advance payment refund guarantee worth 450,000 dollars to HJ International, a ship equipment trading company, to support exports to Indonesia. Through such measures, financial support is being further expanded throughout the entire shipbuilding supply chain.

Youngjin Jang, President of Korea Trade Insurance Corporation, stated, “Small shipbuilders and equipment suppliers are key to maintaining the domestic shipbuilding supply chain and revitalizing the local economy. In line with the government’s productive finance policy, we will continue to actively provide trade insurance support, including special RG support.”

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