The Korea Export-Import Bank will provide 500 billion won ($4.5 million) in liquidity over the next three years to strengthen the food industry supply chain in the Jeonbuk region. The initiative aims to support funding and overseas expansion for small and medium-sized enterprises in collaboration with policy finance institutions, private banks, and local businesses.
On October 21, the Export-Import Bank announced that it signed a 'K-Food Cooperative Governance MOU' with Harim Group, the Small and Medium Business Administration (SMBA), Shinhan Bank, and Hana Bank.
Under this agreement, participating financial institutions will provide liquidity to Harim Group and its small and medium-sized partners, along with preferential loan limits and interest rate reductions.
Specifically, the Export-Import Bank plans to support the Jeonbuk food industry supply chain with 500 billion won over the next three years. It will also apply preferential interest rates to small and medium-sized partners using programs like the 'Crisis Response Special Program.'
In addition to financial support, the bank will work to enhance export competitiveness. It will partially fund customized consulting costs for overseas expansion, trade risk management, and smart manufacturing innovation. The SMBA will provide export marketing services, including assistance in developing export channels and obtaining overseas certifications.
Kim Jin-seob, Vice President of the Export-Import Bank, stated, "This agreement signifies the collaboration of policy finance institutions, private banks, and key local companies to strengthen the Jeonbuk K-Food supply chain. We will actively support the growth of promising small and medium-sized enterprises and enhance their export competitiveness."
Meanwhile, the Export-Import Bank plans to support over 5 trillion won in K-Food and K-Culture industries this year, with 3.5 trillion won allocated for cooperative finance initiatives.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.