The Export-Import Bank of Korea (Korea Eximbank) announced on March 7 that it has inked a memorandum of understanding (MOU) with the United States Department of Energy (DOE) for cooperation in the fields of supply chain and eco-friendly energy.
Yoon Hee-sung, the president of the Korea Eximbank, signed the agreement at the U.S. DOE headquarters in Washington D.C. on the 6th (local time), following a meeting with Director Jigar Shah.
This marks the first time that the Korea Eximbank has entered into the MOU with a U.S. government agency. Amidst the restructuring of global supply chains, South Korean companies have been actively expanding into the United States. In light of this trend, the two institutions have pledged mutual cooperation in the eco-friendly energy sector to achieve the goal of carbon neutrality by 2050.
They plan to establish a working group in the near future. Following this, the two institutions will engage in information exchange and business exploration, and jointly embark on financial support initiatives.
As South Korean companies ramp up their exports and direct investments to the U.S., the partnership between the Korea Eximbank and DOE in policy finance is poised to bolster the export drive to the U.S. Furthermore, the collaboration is anticipated to foster stronger cooperation between the supply chains of both nations.
In particular, the Korea Eximbank and the DOE plan to provide competitive financial support for South Korean companies venturing into eco-friendly energy projects in key sectors, such as core minerals, electric vehicles, secondary batteries, solar energy, and hydrogen, in the U.S.
After signing the agreement on the same day, President Yoon remarked, “The latest agreement will significantly contribute to responding to global supply chain restructuring and expanding economic cooperation between South Korea and the United States. We will expand financial support to enhance the export competitiveness of our companies, particularly in the eco-friendly energy sectors such as solar energy and hydrogen, where we have strengths.”