Export Credit Bank of Turkey (Türk Eximbank) has signed a cooperation agreement with South Korea's Trade Insurance Corporation KSURE.
Türk Eximbank in a statement confirmed that the cooperation agreement was signed at the Berne Union Annual General Meeting 2017. The deal is aimed at increasing the bilateral cooperation between Türk Eximbank and KSURE, besides exchanging views and share information on existing and potential markets, economic, commercial, and legal issues.
The agreement was signed by KSURE Chairman and General Manager Jaedo Moon and Türk Eximbank General Manager Adnan Yıldırım.
South Korea and Turkey's ambassadors in Belgrade Daejong Yoo and Tanju Bilgic along with Undersecretary of the Turkish Embassy Anıl Kayalar were also present at the signing ceremony. Under the agreement, Turkish and South Korean companies will be supported by joint financing facilities such as credit, guarantee, counter-guarantee, joint insurance and reinsurance in future projects undertaken jointly in third countries. It will also allow Turkey and South Korea, for the first time, to participate in tenders through partnerships. The agreement will also facilitate the provision of a more flexible financing package. Türk Eximbank General Manager Adnan Yıldırım said: "The agreement signed today aims to increase the cooperation between the two institutions, as Türk Eximbank and KSURE, exchange views on current and potential markets of Turkish and South Korean companies, and share information on economic, commercial and legal matters."
In 2016, Turkey's exports to South Korea totaled $519 million and its imports from the country were recorded at $6.4 billion. The two countries have a free trade agreement, which was expanded in 2015 to include the service sector and investments.