IBK Industrial Bank of Korea, KOTRA team up to help SMEs expand overseas

Kwon O-sam, head of IBK Industrial Bank of Korea’s Corporate Customer Group, left, and Kang Sang-yeop, KOTRA vice president and head of its SME and mid-sized company division, pose for a photo at a signing ceremony on April 3 for an agreement to support small businesses entering overseas markets. [Photo: IBK Industrial Bank of Korea]

IBK Industrial Bank of Korea said it will work with the Korea Trade-Investment Promotion Agency, known as KOTRA, to help small and midsize companies expand into overseas markets.

The bank said Sunday it signed a business agreement with KOTRA to support SMEs in developing overseas markets.

The agreement is aimed at helping exporters diversify markets as global trade conditions shift, including U.S.-China trade tensions and supply chain restructuring, the bank said.

Under the deal, the two organizations will cooperate on tailored support for overseas expansion, easing export-related difficulties and identifying successful cases.

IBK said it will use KOTRA’s network of overseas trade offices. KOTRA will run an “overseas market development program” that provides services such as finding local buyers, marketing support, and advice on logistics and customs clearance.

IBK also said it plans to help cover the cost of enrolling in short-term export insurance from the Korea Trade Insurance Corp. to reduce the risk of unpaid export receivables.

“Using KOTRA’s global network, we will actively support SMEs’ entry into overseas markets,” an IBK official said, adding the bank will continue to back stronger export competitiveness and sustained growth.

* This article has been translated by AI.

Kim yoon seop