Latest news with #Export-ImportBankofKorea
Korea Herald
2 days ago
- Automotive
- Korea Herald
Eximbank opens Warsaw office to aid Korean firms in Europe
The state-run Export-Import Bank of Korea has opened a representative office in the Polish capital of Warsaw to strengthen financial support for Korean companies operating across Central and Eastern Europe, the policy lender said Thursday. Launched at a ceremony Wednesday, the Warsaw office will serve as a regional base covering Poland, the Czech Republic, Slovakia, Hungary and Ukraine — markets that have become key production and export hubs for Korean firms in batteries, autos and electronics. The bank also aims to position the office as a frontline base for postwar reconstruction efforts in Ukraine. Eximbank Chairman Yoon Hee-sung led the launch event, joined by Korean Ambassador to Poland Tae Jun-youl and senior figures from Poland's state-run energy group Orlen, nuclear firm PEJ, development lender BGK and global banks including HSBC, ANZ and Citi. Yoon held separate meetings with Orlen to discuss financing for a large-scale plant project involving Korean contractors, and with BGK to explore joint export and investment support. 'Through the Warsaw office, we will respond more swiftly to local business needs and reinforce ties with major project owners,' Yoon said. Poland has recently become the most active buyer of South Korean defense equipment in the region, making it a key market for Korean arms makers. In sectors like defense and nuclear energy, often conducted as government-to-government deals, policy lender involvement is seen as a core competitive edge. Warsaw already hosts local units of Korean defense firms Hanwha Aerospace, Hyundai Rotem and Korea Aerospace Industries, along with tech and automotive conglomerates such as Samsung Electronics, LG Electronics, Hyundai Motor and Kia.
Korea Herald
4 days ago
- Business
- Korea Herald
Korea Eximbank backs record solar project in Saudi Arabia with $225m loan
South Korea's policy lender will provide $225 million in project financing for a solar power plant in Saudi Arabia, the largest overseas solar project undertaken by a Korean company, the Export-Import Bank of Korea announced on Tuesday. In November, a consortium led by the United Arab Emirates' global renewables company Masdar, secured the project to build a solar power plant in the Sadawi desert area, 523 kilometers north of Riyadh. The state-run Korea Electric Power Corp. and GD Power of China were members of the consortium. Covering an area of 39.6 square kilometers, the plant will feature around 3.7 million solar modules, producing a total capacity of 2,000 megawatts. The plant is expected to produce energy of 6,500 gigawatt-hours per year, which matches the annual household electricity consumption of Korea's second-largest city, Busan. Upon its completion in 2027, the generated electricity will be purchased entirely by the Saudi Power Procurement Company for 25 years. The Sadawi project stands as the largest overseas solar power project undertaken by a Korean company. It is also the first time for a Korean company to take on a solar project in Saudi Arabia. 'Exim Bank will continue to support Korean companies to take on renewable energy projects in the Middle East region, including Saudi Arabia, contributing to global carbon neutrality,' an official from the policy lender said. In July 2024, the lender announced it would provide $150 million in project financing for a major solar power project in the United Arab Emirates, a project jointly secured by state-owned Korea Western Power Co. and French energy company EDF-Renewables.
Korea Herald
12-05-2025
- Business
- Korea Herald
Trump's film tariffs might actually help South Korea
If the 100 percent tariffs go forward, Korea may see local streaming platform, non-English market growth, experts say On May 4, US President Donald Trump declared 100 percent tariffs on all foreign-made films, arguing that aggressive incentives from other countries were driving productions abroad and threatening the survival of the US film industry. No additional information has since been provided on how the tariffs will be imposed and the lack of details in the announcement has drawn backlash from governments and entertainment industries around the world. France's culture minister has since pledged to defend the country's support system for local cinema, while Australia's film industry has urged actor Mel Gibson -- who started his career in Australia and is reportedly an advisor to Trump -- to intervene. India's film sector, which earns about 40 percent of its international revenue from the US, expressed concerns that American distributors might reduce their acquisition of Indian films, potentially pushing the industry further toward digital platforms. Major Hollywood studios and US entertainment guilds have also warned that the tariffs could increase production costs and harm international box office performance, which now far surpasses domestic earnings. In South Korea, the response to Trump's announcement of the 100 percent tariffs has been more measured. Given the relatively small share of US-bound film exports, experts say the immediate impact on South Korea's film industry is likely to be minimal. According to data from the Korean Film Council, the export value of Korean films in the past year totaled $41.93 million. Of that, only $4.21 million -- around 10 percent -- came from exports to the US. 'Korean film exports are mostly for video release (such as CD or video on demand content) rather than theatrical screenings,' said Kim Yoon-zi, a senior researcher at Export-Import Bank of Korea. 'A large portion of Korea's movie exports goes to Asia, particularly Japan, while relatively little is exported to Europe or the US. If tariffs are imposed only on film prints, the impact is unlikely to be significant for Korea.' Possibly due to the anticipated minimal impact, major production companies including CJ ENM, Studio Dragon and SLL said they have yet to issue any formal guidelines in regards to the recent announcement, instead adopting a wait-and-see stance as the specifics of the tariffs remain unclear. However, Kim warned that the financial fallout could extend beyond exports. 'When foreign productions shoot on-location in Korea, we earn revenue from location fees -- and that amount actually exceeds our film export earnings to the US. Potential losses in this area could be more significant,' said Kim of Export-Import Bank of Korea. Streaming and series: a potential silver lining Given the unclear criteria as to what Trump's tariffs will apply to, experts note that if the scope expands to include streaming originals and series, there could be a silver lining: A potential retreat by Netflix and Disney+ might open the door for local platforms to regain market share. 'From the perspective of domestic streaming platforms, tariffs could actually work in their favor by putting pressure on Netflix and Disney, giving local services some breathing room,' said pop culture critic Kim Hern-sik. 'Korean terrestrial broadcasters and network productions may also see a rebound, with fewer Korean originals being commissioned by Netflix due to tariff constraints.' The tariffs could also prompt Korean producers to pursue growth more actively in non-English-speaking markets, where they are already seeing steadily increasing returns. Recent hits such as "When Life Gives You Tangerines," "Karma" and "Weak Hero" have performed strongly across non-English markets, underscoring a growing appetite for K-content globally. 'Just a few years ago, our main goal was to make it onto American rankings and to be judged by US critics. But now, the trend is changing. Streaming service platforms have become more global, with their user bases have becoming more diverse,' said Kim Hern-sik. The Korea Creative Content Agency, a government organization under the Ministry of Culture, Sports and Tourism, has made localized content a key pillar of its global expansion strategy. The agency currently operates 25 overseas business centers around the world, which serve as hubs for distributing and creating content tailored to local audiences. Of the 25 centers, six are located in English-speaking countries, while the rest are spread across non-English-speaking regions. KOCCA said it plans to open five additional centers this year as part of its continued push into global markets. "We have an overarching strategy to strengthen the localization of diverse content, tailoring it to fit various markets in a more customized way," a KOCCA official said. Tving, one of South Korea's largest streaming platforms, is also preparing for full-scale global expansion, targeting markets with strong demand for K-content such as North America, Southeast Asia and Japan. To minimize up-front costs, the company said it plans to adopt a direct-to-consumer business model, first showcasing its content through branded sections before directly acquiring users. Tving said it aims to reach 15 million subscribers by 2027, with an even split between domestic and international users. A merger with rival platform Wavve, which has been a long-held initiative for Tving in recent years, is seen as key to achieving the goal. According to Tving, the merger would not only boost subscriber numbers but also secure sufficient content to compete globally. 'Merging with Wavve would create a virtuous cycle -- expanding our subscriber base would increase our capacity for content investment, which would accelerate global expansion,' Tving CEO Choi Joo-hee said in a February earnings call.
![[Contribution] Three decades of friendship: Egypt, Korea moving forward together](/_next/image?url=https%3A%2F%2Fwimg.heraldcorp.com%2Fnews%2Fcms%2F2025%2F04%2F28%2Fnews-p.v1.20250424.e25f5757dc3040918a085c18ec10b653_T1.jpg&w=3840&q=100)
Korea Herald
28-04-2025
- Business
- Korea Herald
[Contribution] Three decades of friendship: Egypt, Korea moving forward together
This year marks the 30th anniversary of the establishment of diplomatic relations between the Arab Republic of Egypt and the Republic of Korea — a significant milestone in the history of cooperation between our two friendly nations. This anniversary reflects the enduring strength of our bilateral ties, built on mutual respect, shared interests and a joint commitment to development, regional stability and international peace. This occasion highlights the strong and dynamic partnership that has been nourished between our two nations over the years. Together, we have built enduring bridges of friendship and mutual understanding between our peoples, and today we not only honor our shared history but also look ahead with a firm commitment to deepening our cooperation across a wide range of fields. Egypt regards Korea as a valued partner in the pursuit of sustainable development, and we are eager to further strengthen our strategic relationship by exploring new avenues of collaboration. By so doing, we aim to shape a future that reflects our shared aspirations and continues to serve the mutual interests of both our nations. Korea's emergence as a leading economic and technological hub has earned the admiration of many nations, including Egypt. At the same time, Egypt's strategic location, dynamic population and ongoing reforms present a wealth of opportunities for Korean investors and partners. This mutual recognition of potential has paved the way for an expanding agenda of cooperation that brings tangible benefits to both our nations. We take pride in the high-level visits and strategic dialogues that have deepened trust and strengthened alignment between Cairo and Seoul. By leveraging innovation, shared expertise and political will, we can collectively address some of the most pressing challenges of our time, from climate change to regional stability, and strive towards a more sustainable and secure future. Over the past three decades, the partnership between Egypt and Korea has flourished across a wide range of sectors. Korean investments in Egypt have grown significantly, with major Korean companies playing an active and vital role in the country's development. We have also witnessed the successful implementation of impactful bilateral cooperation projects through the Korea International Cooperation Agency and the Economic Development Cooperation Fund of the Export-Import Bank of Korea. With its strategic geographic position, Egypt serves as a regional hub for trade and investment, connecting Africa, the Middle East and Europe. As Egypt advances on its development path under Vision 2030, I take this opportunity to invite our Korean partners to further explore the vast investment opportunities available in Egypt's ongoing national projects — particularly in infrastructure, manufacturing, green energy, digital transformation, education, creative industries and smart cities. ln parallel, we highly value the vibrant cultural cooperation between our two nations, as reflected in the agreement between Korea's Cultural Heritage Administration, the Egyptian Ministry of Culture and the Supreme Council of Antiquities. The Korean Cultural Center in Egypt has also played a pivotal role in advancing Korean language education and sharing the richness of Korean arts and heritage with the Egyptian public. In addition, the growing number of tourists between our countries is another testament to the deepening people-to-people connections that underpin our bilateral relations. Egypt's active participation in tourism events hosted in Korea further demonstrates our shared dedication to fostering a meaningful cultural and economic exchange. As we commemorate the 30th anniversary of diplomatic relations between Egypt and Korea, I wish to convey my deepest gratitude to the government and people of the Republic of Korea for their steadfast friendship. We look forward to a year of celebrations that will showcase our shared journey through a series of cultural and economic events. We hope that this milestone will not only celebrate our rich past but also mark the beginning of a stronger strategic partnership for many years to come. sanjaykumar@
![[Advertorial] Eximbank donates vehicles to aid multicultural families](/_next/image?url=https%3A%2F%2Fwimg.heraldcorp.com%2Fnews%2Fcms%2F2025%2F04%2F22%2Fnews-p.v1.20250422.c24a3d6588e243ab971b2c2042e2eb9c_T1.jpg&w=3840&q=100)
Korea Herald
22-04-2025
- Automotive
- Korea Herald
[Advertorial] Eximbank donates vehicles to aid multicultural families
The Export-Import Bank of Korea, or Eximbank, announced Tuesday that it donated 11 vehicles worth 300 million won ($219,900) to organizations supporting multicultural families through the Community Chest of Korea. At a donation ceremony held at the bank's headquarters in Yeouido, Seoul, Eximbank CEO Yoon Hee-sung and Community Chest of Korea Secretary-General Hwang In-sik handed over five minivans and six compact cars to Rainbow Global Community Child Center. The initiative is part of Eximbank's long-standing commitment to social responsibility. Since 2011, the bank has donated vehicles worth a total of 2.86 billion won to 138 institutions across the country. 'Eximbank is dedicated to supporting multicultural families and helping new social members settle into Korean society,' said Yoon. 'We will continue our efforts to fulfill corporate social responsibility as a trusted partner in international cooperation.'
