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The Seoul-headquartered, state-run Export-Import Bank of Korea said Sunday it has teamed up with Czech state financial institutions in an effort to help Korean companies expand business on Czech soil and beyond.
Eximbank Chairman and CEO Yoon Hee-sung and Korea Trade Insurance Corp. Chairman Jang Yeong-jin have signed an agreement with their Czech counterparts at National Development Bank, Czech Export Bank, Export Guarantee and Insurance Corp. to pursue bilateral financial cooperation, according to the state lender.
Korean President Yoon Suk Yeol and Czech Prime Minister Petr Fiala attended a signing ceremony in Prague on Friday. Yoon visited the Czech Republic to solidify the 24 trillion won ($18 billion) nuclear export deal with the country.
The policy financial institutions agreed to share information and cooperate to fund large-scale infrastructure projects, support companies that have ventured out to each other’s country and strengthen the supply chain through state lenders.
The Czech Republic, a powerhouse of automobile and chip production, is considered a base for Korean companies’ expansion in the European market, Eximbank explained.
The state lender further projected growth in Korea-Czech trade in eco-friendly automobile and battery sectors, based on strengthened financial cooperation between the two countries.
“Through the agreement, the cooperation between the leading state lenders of the two countries will strengthen,” Eximbank Chairman and CEO Yoon said. “Eximbank will work as a bridge to support Korean companies expanding out to core markets in the Czech Republic, in not just nuclear power units, but bullet trains and arms exports."
