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UK Export Finance has today signed a Memorandum of Understanding (MOU) on reinsurance with the Korean export credit agency, Korea Trade Insurance Corporation.
The agreement sets out how UK Export Finance (UKEF) and the Korea Trade Insurance Corporation (K-Sure) will cooperate in the field of export credits, facilitate collaboration, and better co-ordinate efforts on projects in other markets where there are export opportunities for both the UK and Korea. The signing was witnessed by Business Secretary, Vince Cable, and the Korean Minister of Trade, Industry and Energy, Yoon Sang-jick.
This MOU follows the signing yesterday of a separate MOU on Mutual Support between UK Export Finance and Korea Eximbank, the Export-Import Bank of Korea.
Trade Minister Lord Green said:
The UK and Korea have strong trading ties, with both nations home to some of the world’s leading companies. It makes perfect sense that we should work together to maximise export opportunities in other markets for both our economies.
These kind of strategic partnerships are what British businesses need, they will provide opportunities for UK exporters in an ever more competitive global market place.
David Havelock, UKEF Director of Credit Risk, said:
This agreement paves the way for more British and Korean companies to work together on major projects with the support of both UK Export Finance and K-Sure.
In a world of complex international supply chains it is important that export credit agencies work together to support our exporters.
This MOU follows the signing yesterday of a separate MOU on Mutual Support between UK Export Finance and Korea Eximbank, the Export-Import Bank of Korea.
The MOU with Korea Eximbank sets out how the two agencies will cooperate in the field of export credits and aims to boost co-operation between the two nations in support of national exports.
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