Posco International supporting component exporters

Industry

Published: 19 May. 2020, 18:03

Posco International supporting component exporters

From left are Posco International President and CEO Joo Si-bo, Export-Import Bank of Korea Chairman and President Bang Moon-kyu and SGI President and CEO Kim Sang-taek. The three organizations on Tuesday signed a business agreement to support small- and mid-sized components manufacturers. [POSCO INTERNATIONAL]

Posco International is working with the Export-Import Bank of Korea and Seoul Guarantee Insurance (SGI) to help component manufacturers suffering from the impact of the coronavirus.

Posco International, a trading company 62.9 percent owned by Posco, on Tuesday said it signed an agreement with the state-run bank and SGI to work together in assisting small- and mid-sized components companies in achieving exports. It was attended by Posco International President and CEO Joo Si-bo, the Export-Import Bank of Korea Chairman and President Bang Moon-kyu and SGI President and CEO Kim Sang-taek.

The companies will receive help in developing export routes and localizing products and will receive financial aid to produce products for export. Posco International said it could make an investment with the other partners if necessary.
“I hope the business agreement today helps [smaller companies] overcome national challenges and serve as momentum for them to grow,” said Joo in a statement. “As a global trading arm, [Posco International] will find diverse ways to share growth with domestic firms.”

“[The agreement] is expected to foster shared growth among the conglomerate and smaller firms and expand industrial exports like materials, components and equipment.”

Posco International is currently working with domestic components manufacturers in the United States and Germany.

BY JIN MIN-JI [jin.minji@joongang.co.kr]