K-SURE and EXIAR sign Agreement on Support of Joint Projects
On 21 March 2014, within the framework of official visit of Alexey Ulyukaev, Minister of Economic Development of the Russian Federation, to Republic of Korea, Export Insurance Agency of Russia (EXIAR) and Korea Trade Insurance Corporation (K-SURE) signed Agreement on Support of Joint Projects.
On behalf of EXIAR the Agreement was signed by Petr Fradkov, CEO, on behalf of K-SURE – by Kim Younghak, Chairman and President.
The Agreement is to develop and strengthen cooperation between the two ECAs.
According to the document, EXIAR and K-SURE will contribute to enhancing economic cooperation between the two countries through supporting export-import operations of companies with Korean participation registered in Russia, and companies with Russian participation registered in Republic of Korea.
The Agreement is also intended to foster collaboration between EXIAR and K-SURE to support joint foreign economic projects of Russia and South Korea in third countries, primarily, in the CIS. Such form of cooperation is conceptually new for the Russian Federation and Republic of Korea and aims to develop trade and economic cooperation between the countries, being an efficient mechanism for promotion of Russian exports abroad.
OJSC Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in October, 2011. EXIAR’s mission consists in Russian high-tech exports support through insurance of export credits against commercial and political risks, as well as Russian investments abroad against political risks. EXIAR’s sole shareholder is Vnesheconombank. The Agency’s charter capital makes RUR 30 billion (ca USD 1 billion).
External Communications EXIAR