Korea Trade Insurance Corp. President Jang Young-jin said the agency plans to "actively support Korean companies so they do not face difficulties in overseas projects due to a lack of financial support."
Jang visited Samdong Co., a mid-sized manufacturer based in Eumseong, North Chungcheong Province, on June 9 to hear about challenges the company faces in running its overseas subsidiaries and to discuss ways to strengthen support, according to the agency.
Samdong specializes in manufacturing power materials including copper coils and operates production subsidiaries at key locations across the United States, including Tennessee. The company recently secured $20 million in working capital at its US operations through the agency's overseas business finance insurance program.
Samdong CEO Lee I-ju said the agency's support allowed the company "to respond in a timely manner to rising electricity demand in the United States," adding that "active financial support is needed as the power equipment market is expected to consistently expand, driven by growing investment in AI infrastructure and other factors."
Korea Trade Insurance Corp. launched a special working-capital support program for overseas subsidiaries in June last year to help companies respond to tariffs and stabilize global supply chains.
oskymoon@heraldcorp.com
