Jang Youngjin: "Lowering the Financial Entry Barrier Is K-SURE's Role"

K-SURE Holds the 37th Gwanghwamun Forum

Jang Youngjin, President of Korea Trade Insurance Corporation (K-SURE), stated on the 14th, "Lowering the entry barrier for mid- to long-term financing is K-SURE's role."

K-SURE explained that President Jang, during his attendance at the 37th Gwanghwamun Forum held in Jung-gu, Seoul on the same day, said, "As capital continues to be concentrated in a few large-scale projects, such as artificial intelligence (AI), emerging countries are still facing difficulties in fundraising."

Jang Youngjin, President of the Korea Trade Insurance Corporation, is speaking at the 37th Gwanghwamun Forum held on the 14th in Jung-gu, Seoul. Photo by Korea Trade Insurance Corporation

The Gwanghwamun Forum, first held in 2008, is a venue where overseas project stakeholders gather to discuss recent global market changes and support strategies for overseas business. This forum was attended by around 190 representatives from exporting companies, financial institutions, and international organizations.

Global banking officials participating in the event all emphasized the crucial role of K-SURE's guarantees and insurance in project financing, noting that it is difficult for private financial institutions to independently shoulder the risks of overseas projects that have large scales and long investment recovery periods. Thus, public export credit agencies (ECAs) like K-SURE play an essential role.

K-SURE shared the outcomes of its improved mid- to long-term financing systems, in response to the rapidly changing global environment, such as increasing demand for financing in AI and energy transition sectors, and deteriorating fundraising conditions in emerging countries. Key reforms include: ▲ Expanding eligibility to support local banks, thereby strengthening cooperation with developing countries; and ▲ Amending insurance policies to assist domestic banks in entering overseas projects. These changes have further strengthened the foundation for Korean companies to expand overseas and secure new contracts.

In the second half of the year, K-SURE plans to expand the scope of recipients for advance financing to resource acquisition projects and the Asian infrastructure market, while bolstering financial cooperation through tools such as reinsurance with multilateral development banks (MDBs). This is expected to reinforce the contract-winning foundation for Korean companies.

President Jang remarked, "The first draft of a successful project is often drawn in open and candid conversations," and added, "We will continue to strengthen close communication with industry stakeholders to further support the expansion of contract opportunities for our companies."

This content was produced with the assistance of AI translation services.