ADEX, Korea Eximbank to strengthen collaboration on export financing

ADEX, Korea Eximbank to strengthen collaboration on export financing

ABU DHABI, 31st March, 2022 (WAM) -- Abu Dhabi Exports Office (ADEX), received representatives of the Export-Import Bank of Korea (KEXIM), to explore ways of strengthening collaboration on export financing.

The meeting was led by Khalil Al Mansoori, Acting Director-General of ADEX, and Cholkyu Lee, Chief Representative of KEXIM’s Dubai office.

Senior officials from both sides were present at the meeting.

The two sides discussed co-financing solutions for Korean organisations seeking to import goods and services from the UAE, in addition to projects that are to be implemented by Korean EPC contractors, provided these projects use materials or expertise from the UAE.

Al Mansoori said "Our meeting was a testament to the commitment of the two institutions to enable the export industry of our countries to achieve their aspirations and objectives. We are confident that our discussions will significantly positively impact the export dynamics and relations between the UAE and South Korea. However, the larger objective of our endeavour is to boost our respective economies."

ADEX was established by Abu Dhabi Fund for Development (ADFD), to drive diversification and growth of the UAE export economy through stronger partnerships with international institutions over financing solutions. Its mandate also includes alleviating financial risks faced by Emirati exporters in exploring global markets, and providing loans and guarantees to international buyers to purchase UAE products and services.

KEXIM is South Korea’s official export credit agency, providing financial support over export and import transactions, overseas investments and development of natural resources. It aims to facilitate the growth of South Korea’s economy and enhance its economic cooperation with other countries.