Press release

UK Export Finance joins forces with Korean agencies to seize opportunities in third markets

This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

UK Export Finance has today signed a Memorandum of Understanding (MOU) on reinsurance with the Korean export credit agency, Korea Trade Insurance Corporation.

UK Export Finance offices

The agreement sets out how UK Export Finance (UKEF) and the Korea Trade Insurance Corporation (K-Sure) will cooperate in the field of export credits, facilitate collaboration, and better co-ordinate efforts on projects in other markets where there are export opportunities for both the UK and Korea. The signing was witnessed by Business Secretary, Vince Cable, and the Korean Minister of Trade, Industry and Energy, Yoon Sang-jick.

This MOU follows the signing yesterday of a separate MOU on Mutual Support between UK Export Finance and Korea Eximbank, the Export-Import Bank of Korea.

Trade Minister Lord Green said:

The UK and Korea have strong trading ties, with both nations home to some of the world’s leading companies. It makes perfect sense that we should work together to maximise export opportunities in other markets for both our economies.

These kind of strategic partnerships are what British businesses need, they will provide opportunities for UK exporters in an ever more competitive global market place.

David Havelock, UKEF Director of Credit Risk, said:

This agreement paves the way for more British and Korean companies to work together on major projects with the support of both UK Export Finance and K-Sure.

In a world of complex international supply chains it is important that export credit agencies work together to support our exporters.

This MOU follows the signing yesterday of a separate MOU on Mutual Support between UK Export Finance and Korea Eximbank, the Export-Import Bank of Korea.

The MOU with Korea Eximbank sets out how the two agencies will cooperate in the field of export credits and aims to boost co-operation between the two nations in support of national exports.

Notes to editors:

  1. The MOU between UKEF and K-Sure was signed by UKEF Director of Credit Risk, David Havelock, and Chairman and President of K-Sure, Kye Ryoong Cho.

  2. The MOU with Korea Eximbank was signed by UKEF Chief Executive, David Godfrey, and Chairman and President of Korea Eximbank, Kim Yong-hwan.

  3. UK Export Finance is the UK’s export credit agency. It complements the private market by providing assistance to UK businesses, principally in the form of insurance to exporters and guarantees to banks. In doing so, it works with exporters, banks and project sponsors to support UK exports to, and investments in, markets across the world.

  4. Korea Trade Insurance Corporation was founded by the Korean government in 1992 to operate export and import insurance programs for the purpose of facilitating global trade

  5. The Export-Import Bank of Korea (Korea Eximbank) is an official export credit agency providing comprehensive export credit and guarantee programs to support Korean enterprises in conducting overseas business.

  6. The Prime Minister launched the government’s ‘Exporting for Growth’ challenge last year and the government has now set an ambitious goal to increase exports to £1 trillion per annum by 2020.

  7. For more information on UKEF products and services contact one of its network of Regional Export Advisers or alternatively contact:

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Published 6 November 2013