Korea Trade Insurance Corporation Provides USD 100 Million in Working Capital to CJ ENM USA... "Accelerating Global Expansion of K-Content"
Approximately USD 25 Million in Financial Support Planned for Kolmar Korea's U.S. Subsidiary
Aiming to Strengthen Local Competitiveness of K-Beauty
Korea Trade Insurance Corporation is stepping up to support overseas subsidiaries with working capital to promote the global spread of K-culture. Following its USD 100 million support for the U.S. subsidiary of CJ ENM, the corporation is also planning to provide approximately USD 25 million in financial support to the U.S. subsidiary of Kolmar Korea.
On July 6, Korea Trade Insurance Corporation announced that it has decided to provide USD 100 million in working capital to CJ ENM USA, the U.S. subsidiary of CJ ENM. CJ ENM USA is the parent company of FIFTH SEASON, which produces premium content.
The company has led the entry of K-content into the North American market by producing and supplying a diverse range of content, including dramas, films, and documentaries. Korea Trade Insurance Corporation expects that this support will further contribute to the global expansion of K-content in the future.
Korea Trade Insurance Corporation has also decided to provide approximately USD 25 million in financial support to the U.S. subsidiary of Kolmar Korea, a global original design manufacturer (ODM) for cosmetics. The support will be executed after all necessary procedures are completed. The U.S. subsidiary of Kolmar Korea is pushing for global expansion based on K-beauty manufacturing and is strengthening its business in North America. Korea Trade Insurance Corporation highly evaluated Kolmar Korea’s industry-leading technological capabilities and growth potential, leading to this special support decision. The corporation expects that this support will help establish a cosmetics manufacturing hub in North America.
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Jang Youngjin, President of Korea Trade Insurance Corporation, stated, "K-culture is a key strategic industry that enhances the brand value of the Republic of Korea," and added, "We will continue to spare no effort in supporting our companies so they can secure competitiveness in the global market."
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