Export insurer helps companies expand overseas market share: official

SEOUL, Jan. 21 (Yonhap) -- South Korea's state-run export insurer said Wednesday it plans to redouble efforts this year to help local companies expand their overseas market share in the face of falling global trade volume.

In a meeting of government officials, exporters and financial institutions, the
president of the Korea Export Insurance Corporation (KEIC) claimed the current
crisis could be used to expand the presence of South Korean products in key
trading countries.
"The 170 trillion won (US$123.8 billion) worth of funds that could be used this
year to cover export insurance could be used to give emergency relief to
cash-strapped small- and medium-sized enterprises and help fuel exports by
reducing risks to local companies," said Ryu Chang-moo.
The total set aside for export insurance coverage is a gain of 40 trillion won
from 2008.
The KEIC president also said existing limits on coverage and support that can be
given to companies will be eased so maximum support can be provided.
The announcement by Ryu reflects similar measures taken by the government to get
companies to export more goods in the face of the worldwide economic slump.
The Ministry of Knowledge Economy, which in charge of the country's industrial
and trade policies, said earlier in the month that it wants to push up South
Korea's exports to $426.7 billion this year, up 1 percent from 2008. It said
imports will likely fall 4.7 percent to $414.8 billion for a trade surplus of
$11.9 billion.
yonngong@yna.co.kr
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