The Korea Trade Insurance Corporation (K-SURE) has selected 21 new member companies for its global export enterprise development program. These companies will receive tailored support, including up to 10 billion won in export financing and discounts of up to 90% on insurance and guarantee fees.
K-SURE announced on November 8 that it held a certification ceremony for the new members of the 'Export Growth Planet' program on November 6 at the Westin Chosun Hotel in Seoul. The Export Growth Planet program aims to nurture small and medium-sized enterprises (SMEs) with technological capabilities and growth potential into global export companies. Since its introduction in July 2024, the program has provided customized financial support based on growth stages, offering a cumulative 28 trillion won in trade insurance to member companies.
Following the selection of 64 companies previously, K-SURE has added 21 new members through an open recruitment and review process this year. According to K-SURE, the competition rate for membership in the Export Growth Planet program has increased from 10 to 1 in 2024 to 14 to 1 last year. This year, the selection process was revised to prioritize regional companies based on the '5 regions, 3 specialties' framework to enhance support for local export SMEs.
The selected companies are categorized into three groups based on their annual export performance: Emerging Stars, Rising Stars, and Shining Stars. Emerging Stars, with annual exports of less than $1 million, will receive a special limit of up to 1 billion won and a 90% discount on insurance and guarantee fees.
Rising Stars, with annual exports between $1 million and $30 million, will benefit from a special limit of up to 5 billion won and a 70% discount. Shining Stars, with annual exports between $30 million and $100 million, will receive a special limit of up to 10 billion won and a 50% discount.
Additionally, K-SURE plans to increase the export credit guarantee ratio to 100% and extend guarantee limits for three years without reduction to alleviate the financial burden on companies. The program will also include free credit investigations for 30 foreign companies and tailored consulting services.
The event was attended by K-SURE President Jang Young-jin, Kang Gam-chan, Director of the Trade and Investment Bureau at the Ministry of Trade, Industry and Energy, and representatives from the Korea Trade-Investment Promotion Agency and financial institutions.
Jang Young-jin stated, "As the Export Growth Planet has firmly established itself as a platform for export growth in South Korea, we will fully support our companies' leap into global exports. The corporation will continue to be a strong partner for member companies to discover new opportunities in the global market and enhance their export competitiveness."
* This article has been translated by AI.
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