Trade insurance support will be increased to 360 trillion won
The Korea Trade Insurance Corporation was officially established on July 7, 2010 at its headquarters located in Seorin-dong, Jongno-gu, Seoul, with Choi Kyung-hwan, Minister of Knowledge and Economy, Sa Gong-il, President of the Korea International Trade Association, and other dignitaries in attendance.
Hence, the Korea Export Insurance Corporation, established on July 7, 1992, has been renamed the Korea Trade Insurance Corporation on its 18th anniversary in order to become a total trade investment and insurance provider.
Choi Kyung-hwan, Minster of Knowledge and Economy said during the ceremonial speech, “The Korea Export Insurance Corporation has been reborn as the Korea Trade Insurance Corporation in order to support the import of raw materials and major materials in addition strengthening credit support for overseas investment, overseas business, overseas resources development, and trade with large companies and SMEs.”
Minister Choi also emphasized that effects of the past export-driven policies would be by now very limited as recent international trade has seen an interrelation and convergence in domestic demand, exports, imports and investment. He explained that more a complex and balanced support for overseas trade through trade insurance could strengthen both exports and imports and facilitate domestic and overseas investment.
In addition, the company announced its “2020 Korea Trade Insurance Corporation’s New Vision” and publicized its new CI (Corporate identity).
Yoo Chang-mu, CEO of Korea Trade Insurance Corporation said during the company’s Vision Release Ceremony, “By 2020, we will provide 360 trillion won of trade insurance to 16,000 Korean companies and achieve 2 trillion dollars in trade, helping the country become the world’ fifth largest trader.”
He added, “Upon our establishment, we will arrange important insurance and develop and manage a high-quality trade insurance service so as to facilitate various corporate trade and investment.”
Furthermore, the company will integrate various departments as well as establish a new Green Growth Division, SME division, a division for advanced companies and an Import Insurance Division. The company will also expand the organization and workforce step by step based on the scale of trade insurance support and customer development by 2020. At the same time, the company released its new CI and announced its decision to integrate all its external and internal titles as K-sure. “K” standing for Korea and “sure”coming from insurance have been combined to be K-sure, which means that the company will be a trustworthy partner for customers in overseas trade and investment, where there are many risks.