The Leadership and Future of Korea Eximbank
November 30, 2021
By Dhammika WICKRAMAGE DON, 2021 GMPA Student(SDGs)
KEXIM: Dream & Reality of Korean Development
A s the CEO's Lecture Series on Meeting with Leaders of Korean Public Organizations nears its conclusion, the meeting with Mr. Moon Kyu Bang, chairman and president of the Export-Import Bank of Korea (KEXIM), has become the most anticipated lecture of the series. Mr. Moon Kyu, a former Vice Minister of Finance of South Korea and an SNU alumnus, was greeted by Prof. Kil Kon Ko, Director of the Graduate School of Public Administration (GSPA) at Seoul National University, and Prof. Min Han Kim.
The "Leadership and Future of Korea Eximbank" lecture presented an outline of the Korean financial model for delivering development while simultaneously enlightening world values. The bank's President and Chairman focused on the current position of "Korea Eximbank," also known as "KEXIM," and its expansion in the worldwide market, as well as challenges, particularly the response and midterm strategy for Covid-19, and the bank's future.
"We were surprised to see that "KEXIM" is highly ranked in the global market," Mr. Moon Kyu Bang said during the lecture, citing the bank's widespread reputation in the global financial sphere and its development into 30 nations across the world. He also emphasized the significance of "Korea's Official Development Assistance Program," the "Economic Development Cooperation Fund (EDCF)," whose principle is to focus on partners and strategic sectors. Korea's current exports are worth around 320 billion US dollars, with KEXIM accounting for 30% of that total. The Export-Import Bank of Korea (KEXIM) was established in 1976 with the primary goal of supporting South Korea's export-led economy by providing loans, financing mega projects, and thus facilitating economic cooperation with other countries. South Korea is known for being the world's leading shipbuilding country, and KEXIM is the industry's major financial aid provider. Mr. Moon Kyu, President and Chairman, also emphasized the necessity of engagement with a variety of international organizations such as US-Aid, UNCTAD, and JICA, among others.
The Export-Import Bank of Korea's future strategies are to "be innovative, increase green finance, and sustain growth" in order to assist South Korea's commitment to accomplish the SDGs by 2030, as well as to become a net-zero carbon country by 2050. The Bank has also decided to triple financial support for three sectors, with the Green EDCF's overall amount increasing to 600 million US dollars by 2025 from 200 million US dollars in 2020, and it has fully committed to responding to the current pandemic, allocating 800 million US dollars for the Covid-19 emergency response programme this year.
The President and Chairman of KEXIM also shared his experiences at the COP26 meeting, the world's leading environmental forum, which was recently concluded in Glasgow, Scotland, as well as his interactions with high-profile figures such as the Presidents of Colombia and Costa Rica. Later in the lecture, students from the Graduate School of Public Administration joined in to interact and ask a few questions. The fruitful discussion has enlightened the expansion of our capacity and knowledge, while providing an invaluable opportunity for me personally to be a distinguished member of the volunteer team dedicated to this entire lecture series, which will conclude on the 16th of December, 2021 with a meeting of Korea Land & Housing Corporation, while the minister from the Ministry of Personal Management will also grace the lecture series on the 13th of the same month, drawing the lecture series to a close. GSPA's effort to meet with high-caliber persons from various South Korean organizations has become a historic event, encouraging international students to comprehend different levels of growth models in South Korea, absorb knowledge, and contribute to their national context.