Insurance Coverage for Export to Be Expanded
The Ministry of Commerce, Industry and Energy will simplify the bank requirements for small and medium enterprises when they open L/Cs to import raw materials for export in line with its policy to classify them under the export category.
The Korea Export Insurance Corporation will guarantee banks of the payment when a company seeks to open an L/C to import raw materials to be used to process products for export.
Currently, importers of raw materials must deposit an amount equivalent to the L/C amount for any risk which may arise from the importation process unless they are affiliated with a conglomerate.
The ministry will revise the Export Insurance Act to …
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Publication information: Article title: Insurance Coverage for Export to Be Expanded. Contributors: Not available. Newspaper title: Korea Times (Seoul, Korea). Publication date: March 31, 1999. Page number: Not available. © Not available. COPYRIGHT 1999 Gale Group.
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