Reinsurance Arrangement
The Korea Trade Insurance Corporation, or K-Sure, announced on Oct. 27 that it has signed a reinsurance agreement with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) in Lisbon, Portugal on Oct. 25 (local time) to help South Korean companies to push into the markets of 43 Islamic countries.
The Korean agency has decided to make an agreement to promote exports of domestic firms to 43 Islamic countries, mainly in the Middle East, and activate their overseas investments there. Under the agreement, it will provide export financing and support for investment to South Korean companies that take part in projects in ICIEC member countries.
Making the best use of the ICIEC’s financing expertise and networks, the K-Sureprojects says it hopes the latest deal will lay the groundwork for domestic firms to advance into the Islamic market, including the Middle East and Africa.
Industry sources already expect that the agreement will lead to the increase in financial support to South Korean companies, as it will help spread out the risks of overseas investment.