UK Export Finance, an export credit agency of the UK government, has set up a new position to facilitate financing deals with South Korean businesses, said the British Embassy in Seoul in a press statement Tuesday.

The international export finance executive for South Korea would act as a dedicated, on-the-ground specialist within the British Embassy in Seoul, working closely with major UK government departments to showcase the expertise, capability, and profile of UK businesses, it added.

The new executive is expected to strengthen existing trade relations, following three offshore wind projects UKEF supported in Taiwan in recent years, including the 230 million-pound ($375 million) Formosa 2 Project, the embassy said.

South Korea currently sits as the UK’s 18th largest export market, with £10.2 billion worth of exports sold to the country in the four quarters to the end of Q2 2022.

"We're delighted to have a UKEF specialist in South Korea for the first time," said Tim Reid, who serves as CEO of UKEF.

It signals the start of new opportunities for UK businesses to increase trade in the region with government-backed finance, said Reid.

According to Reid, South Korea is a major export destination for the UK, and both countries stand to gain from the innovation and creativity of the South Korean economy by identifying mutual goals and ensuring the UK supply chain is at the forefront.

The UK agency will have seven representatives in Asia and 13 more in key markets across the Americas, South Asia, Asia Pacific, and Africa, read the statement.

Preparations for negotiations for an enhanced free trade agreement between the UK and South Korea, are underway, it added.