The Korea Trade Insurance Corporation (K-SURE) announced on Sept. 18 that it had signed operational agreements with Canada’s Export Development Corporation (EDC) and the U.S. Department of Energy (DOE) on Sept. 13 and 14 (local time), respectively. These agreements are aimed at supporting the expansion of North American investments in key mineral supply chains and new and renewable energy projects of Korean companies in their capacity as policy finance institutions.
The U.S. has been trying to establish supply chains centered around itself and friendly North American nations by implementing laws such as the Semiconductor Act and Inflation Reduction Act since last year. Last month, President Yoon Suk-yeol agreed through a tri-nation summit between South Korea, the U.S., and Japan to jointly respond to supply chain risks. Additionally, in May he pledged cooperation in the fields of securing core battery material supply chains and clean energy during a summit with Canada.
K-SURE has agreed to jointly discover projects for the entry of our companies into the local green industry with the U.S. DOE and to exchange information related to financial support for these projects. They are also promoting the introduction of a new joint support program related to electric vehicles.
Furthermore, with Canada’s official export credit agency, EDC, they agreed to strengthen collaboration, including joint investments in key minerals, Small Modular Reactors (SMR), and new and renewable energy projects, not only in North America but also in the Indo-Pacific region.
Lee In-ho, CEO of K-SURE, said, “Based on the economic cooperation in key mineral supply chains and major energy sectors established through recent summits with the U.S. and Canada, we will broadly support the overseas market expansion of our main energy industries by aligning with various institutions and policies.”