State insurer signs MOU with LGE

The Korea Export Insurance Corporation and LG Electronics Inc. signed a memorandum of understanding yesterday that will boost the security and operational efficiency of the LG operations in Spain.

The KEIC said the latest agreement signed in Madrid has given the Spanish arm of LG Electronics a short-term insurance policy for its exports bound to other countries. It said the agreement would also help the electronics giant expand its business operations in Western Europe.

The state-run export credit insurance agency said it expects to provide $800 million worth in export insurance.

Kim Song-woong, chairman and president of the Korea Export Insurance Corp., and Kim Jong-eun, president of LG Electronics` European operations, took part in the signing ceremony.

The KEIC actively supports not only large companies but also small- and medium-sized enterprises with various kinds of insurance programs. They include the short-term (less than two years) plan, an export insurance against losses from failure to export or nonpayment of buyers because of political risks in the importing countries and the commercial risks of buyers.

(sohjung@heraldm.com)



By Yoo Soh-jung