Korea Trade Insurance Corp. (K-SURE) signed a business agreement with Saudi Arabia's Ministry of Finance on Feb. 25 (local time) to help Korean companies export their products and land overseas orders.
Under the agreement, Korea Trade Insurance Corp. will provide mid- to long-term financing on the condition that Korean companies receive orders from the Saudi Arabian government or export Korean materials and equipment to the kingdom in the Middle East. The amount of the financial support will be determined in consideration of the size of the projects.
Korea Trade Insurance Corp. is building cooperative systems with major clients in the Middle East. It provided US$3 billion in mid- and long-term financing to Abu Dhabi National Oil Corp. (ADNOC) in December for projects where Korean companies participate.
In addition, the two sides have agreed to hold the K-SURE Vendor Fair which will arrange meetings between small and medium-sized Korean companies and Saudi Arabian clients to help them make mutually beneficial deals. Korea Trade Insurance Corp. plans to actively support small and medium-sized Korean companies to participate in the Saudi Arabian government’s projects.