Korea Eximbank Expands Financial Cooperation with 40 Countries in One Month...Aggressive 'Financial Diplomacy' from Seoul Hub

From Inviting Officials from 29 Countries to Expanding Cooperation
with India, Central Asia, and North and Central America

Broader Role for Policy Finance
Focus on Leveraging Seoul's Concentration of Finance, Diplomacy, and Industry

The Export-Import Bank of Korea launched a campaign of financial diplomacy throughout September, engaging with governments and agencies in over 40 countries. The policy bank is broadening its external cooperation by leveraging policy finance not only to support domestic companies' overseas exports, but also to secure key mineral supply chains and facilitate entry into overseas markets.

Hwang Ki-yeon, President of the Export-Import Bank of Korea, is shaking hands and taking a commemorative photo with Shavkat Mirziyoyev, President of Uzbekistan, on September 15 at the Shilla Hotel in Jung-gu, Seoul. Photo by Yonhap News Agency

According to the financial sector on October 7, the Export-Import Bank of Korea invited 34 economic and diplomatic officials from 29 countries, including those from the G20, to its headquarters in Yeouido, Seoul, for a policy finance briefing session held on September 2–3. The event aimed to share Korea’s experiences in economic development, policy finance systems, and export finance support.

The following day, Hwang Ki-yeon, President of the Export-Import Bank of Korea, met with the Indian Ambassador to Korea to discuss cooperation measures in shipbuilding and key minerals, and agreed to strengthen communication channels.

The scope of cooperation was also expanded to Africa and Central Asia. In mid-September, the Export-Import Bank of Korea fully revised its financial cooperation memorandum of understanding (MOU) with the African Development Bank (AfDB) for the first time in 21 years and held a series of meetings with ministerial-level officials from 10 African countries. During these meetings, they discussed ways for Korean AI semiconductor companies to establish a local presence.

On the occasion of the Korea–Central Asia Summit, a strategic MOU was signed with Uzbekistan to cooperate in six key industries, including core minerals and infrastructure. The bank also concluded a financial cooperation MOU worth 70 million dollars with a major private bank in Kazakhstan.

In North and Central America, the Export-Import Bank of Korea worked to expand the financial base for Korean companies to enter these markets. President Hwang held talks with Michelle Steel, United States Ambassador to Korea, on financial support measures for Korea-U.S. economic cooperation projects, including aircraft introduction. With Mexico’s National Foreign Trade Bank, a credit line agreement worth 100 million dollars was signed. The resumption of the credit line agreement after eight years is intended to support Korean consumer goods and medical devices expanding into the Mexican and North American markets.

These actions demonstrate that the function of policy finance is expanding beyond simple capital provision toward connecting foreign governments and domestic companies. In Korea’s export-driven economy, where the country is highly dependent on overseas trade and orders, policy finance institutions are strengthening their role as a “financial bridge” that supports the overseas expansion and supply chain security of national strategic industries.

In this process, the utilization of the financial, diplomatic, and industrial networks concentrated in Seoul is also drawing attention. With many foreign embassies located in Seoul, constant consultations are possible. In addition, the schedules of overseas government officials, importers, ordering parties, and investors from abroad are also primarily centered in Seoul. Even major export companies with headquarters in provincial areas often base their finance and business teams in Seoul, and private financial firms necessary for large-scale projects are concentrated in the capital, facilitating in-person consultations and coordination on pending issues.

Amid ongoing discussions about the possible relocation of state-run banks outside the capital, there is growing opinion that the location of policy finance institutions should be considered in light of their work characteristics.

An industry representative stated, “The Export-Import Bank of Korea is a policy bank with a high proportion of work connecting overseas governments, domestic companies, and financial institutions,” adding, “Access to financial, diplomatic, and industrial networks can affect both the speed of policy finance execution and the success rate of projects.”

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