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First British export finance expert in Seoul appointed to facilitate trade deals with S. Korean companies

By Kim Joo-heon Posted : March 30, 2023, 16:48 Updated : March 30, 2023, 21:51

[Courtesy of British Embassy Seoul]

SEOUL -- To boost trade relations with South Korea, Britain's export credit agency has appointed an export finance expert who will serve as a middleman between British exporters and South Korean companies. The finance executive will also work closely with Britain's industry ministry to facilitate trade activities in South Korea, which is London's 18th largest export market. 
 
According to data released by the British Embassy in Seoul, Britain's total exports to South Korea from 2Q 2021 to 2Q 2022 were about 10.2 billion euros ($11 billion). This year marks 140 years of diplomatic relations between the two countries.
 
"We're delighted to have a UKEF (UK Export Finance) specialist in South Korea for the first time, as it signals the start of new opportunities for UK businesses to increase trade in the region, with government-backed finance," UKEF CEO Tim Reid said in a statement on March 29. Reid added that he hopes the current trade relations will be deepened through export finance specialists called "International Export Finance Executive" (IEFE).  

With the appointment of the first export specialist in South Korea, the UKEF now has a total of seven IEFES in Asia. According to the British embassy, the finance experts are also promoting export activities in the American and African markets. "UK businesses have significant capabilities in green technologies and can help accelerate the net zero transition in both Korea and third markets," said, Tony Clemson, the country director at the Department of Business and Trade.
 
The British embassy said the first IEFE in South Korea will cooperate with government departments in Britain that are aware of British firms' expertise and capability.

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