Doing business in Korea will be easier for small to medium Australian companies in 2015.
This follows a new agreement between Australia’s export finance agency, EFIC, and the Export-Import Bank of Korea, Korea Eximbank.
The agreement paves the way for increased support for SMEs between the two countries, allowing SMEs to grow their exports in Australia and Korea.
As a high growth economy and the third largest export market for Australia, the deal will help promote significant opportunities for Australian SMEs looking to do business in the East Asian nation.
The agreement follows the enactment of the Korea-Australia Free Trade Agreement on December 12, with trade and investment between the countries are expected to increase.
It will help SMEs in both countries make inroads into the other country’s market, as well as new markets, with stronger support from Korea Eximbank and EFIC.
Following the deal, the two institutions will share information and experiences of SMEs to help them discover shared challenges and market opportunities. The agreement will also see increased workforce exchanges between the countries.
Greater mutual collaboration
These practices will lead to greater mutual collaboration between Korea and Australia and ultimately better support for SMEs, including financial support.
Andrew Hunter, EFIC’s Managing Director and CEO, said: “As one of our country’s most important export markets, there are some exciting opportunities for Australian SMEs looking to do business in Korea.
“This collaboration with Korea’s Eximbank will make it easier for SME exporters operating in Korea, enabling them to capitalise on export opportunities with our East Asian neighbour and grow their business overseas. We also look forward to welcoming more Korean SMEs to do business here in Australia.
The agreement takes the form of a Memorandum of Cooperation signed by EFIC’s Andrew Hunter and Korea Eximbank’s Chairman and President Lee Duk-hoon.