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.
This material is protected by copyright and, with the exception of fair use, may not be further copied, distributed or transmitted in any form or by any means.
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