Kwon Oh-sam (권오삼), head of the corporate customer group at IBK Industrial Bank of Korea, and Kang Sang-yeop (강상엽), a vice president at KOTRA and head of its SME and mid-sized companies division, pose for a photo after signing an agreement at KOTRA's headquarters in Seoul's Seocho district on April 3. [Photo: IBK Industrial Bank of Korea]

IBK Industrial Bank of Korea said on Monday it signed a business agreement with KOTRA to support small and medium-sized companies seeking to develop overseas markets.

The agreement was designed to support SMEs in diversifying export markets in response to changes in the global trade environment, including U.S.-China trade conflict and supply-chain restructuring. The two organisations agreed to cooperate on tailored support for overseas expansion, resolving export-related difficulties and identifying success cases.

The bank will support an "overseas market development program" that provides services such as finding local buyers, marketing and logistics and customs clearance advice through KOTRA's overseas trade offices.

It also plans to support the cost of signing up for short-term export insurance from the Korea Trade Insurance Corp to reduce the risk of not collecting export payments.

An IBK Industrial Bank of Korea official said, "We will actively support SMEs' overseas expansion by using KOTRA's global network," and added, "We will work to strengthen export competitiveness and build a foundation for sustained growth."

Keyword

#IBK Industrial Bank of Korea #KOTRA #Korea Trade Insurance Corp #U.S.-China trade conflict
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