Koima asks Ksure to increase import insurance coverage

From left, Korea Trade Insurance Corp. Chairman Lee In-ho and Korea Importers Association Chairman Hong Kwang-hee at the state-owned institution's office in Seoul on Wednesday. [Koima]

The Korea Importers Association (Koima) has requested that the state-owned Korea Trade Insurance Corp. (Ksure) expand trade insurance for importers amid the rising burden of the coronavirus pandemic.

According to the importers organization on Thursday, Koima Chairman Hong Kwang-hee met with Ksure Chairman Lee In-ho late Wednesday to discuss ways to cooperate and overcome the impact of the coronavirus pandemic within the trade industry.

“The import industry is struggling due to Covid-19,” Hong said during the meeting. “[Ksure] needs to widen the scope of insurance for importers, which is currently limited to strategic resources, to include materials, parts and equipment that will contribute to expanding Korea’s industrial competitiveness and exports.”

The Ksure chairman in response said it is currently taking administrative steps including changing related regulations and reviewing additional supportive measures for Korean importers.

Hong has been stressing the significant role that importing essential materials plays in the development of Korean export goods.

By Lee Ho-jeong