發布日期:2023-01-26 23:34:19
Export-Import Bank of Korea (Eximbank) Chairman and President Yoon Hee-sung, center, poses with POSCO International CEO Joo Si-bo, left, and Yang Joon-ho, an executive of S&S INC, after signing an MOU at the bank headquarters in Yeouido, Seoul, Tuesday. Courtesy of Eximbank
By Yoon Ja-young
The Export-Import Bank of Korea (Eximbank) signed an MOU with POSCO International and S&S INC for the stabilization of supply chains and the growth of small companies.
The?trading affiliate of steel giant POSCO has been purchasing car components from small and medium-sized enterprises (SMEs) and mid-tier manufacturers in Korea for export to global car giants such as FCA and GM.
S&S INC is one of those local SMEs manufacturing car components that have been exported via POSCO International.
Following the MOU, Eximbank will provide 500 billion won in financing by 2025 so as to strengthen the value chains of local businesses in the global supply chain, help balance growth between conglomerates and SMEs and promote exports through its online supply chain factoring program.
Specifically, it plans to make it easier for SMEs engaged in indirect exports to access policy financing, by enhancing convenience in transactions through its online supply chain factoring program as well as its corporate finance platform, which was launched in April to offer corporate financing services online.
Through the online supply chain factoring platform, which is scheduled to launch next month, the bank will be purchasing accounts receivables of the SMEs engaged in indirect exports before their due date. As an example, Eximbank will be purchasing the accounts receivables of S&S INC before its due date, based on the high credit ratings of POSCO International. That will help the SME enjoy better liquidity and a better financial structure as it can cash out.
Eximbank expects the measure to strengthen supply chains that link local SMEs with POSCO International and global car companies.
"We hope the MOU will help bolster the competitive edge of local car component manufacturers in the global supply chain as well as with their liquidity management," Eximbank Chairman and President Yoon Hee-sung said.
"By cooperating with Eximbank, we will be contributing to the stabilization of global automotive supply chains as well as helping local hidden champion firms, equipped with competitive technology, on their road to overseas markets," POSCO International CEO Joo Si-bo said.