ADEX and Exim Bank of Korea explore ways to strengthen collaboration on export financing

Abu Dhabi Exports Office (ADEX) received representatives of the Export-Import Bank of Korea (KEXIM) at its headquarters here. The two sides discussed ways to reinforce their collaboration that would lead to more robust trade relations between the UAE and South Korea.

The meeting was led by Khalil Al Mansoori, Acting Director General of ADEX; and Cholkyu Lee, Chief Representative of KEXIM’s Dubai office. Senior officials from both sides were present at the meeting.

The discussions focused on co-financing solutions for Korean organisations seeking to import goods and services from the UAE, in addition to projects that are to be executed by Korean EPC contractors, provided these projects use materials or expertise from the UAE.

Abu Dhabi Exports Office was established by Abu Dhabi Fund for Development (ADFD) to drive diversification and growth of the UAE export economy through stronger partnerships with international institutions over financing solutions. Its mandate also includes alleviating financial risks faced by Emirati exporters in exploring global markets and providing loans and guarantees to international buyers to purchase UAE products and services.  

Al Mansoori said that the meeting highlighted the opportunity for  Export Credit Agencies (ECAs) to drive exports worldwide. “Our meeting was a testament to the commitment of the two institutions to enable the export industry of our countries to achieve their aspirations and objectives. We are confident that our discussions will significantly positively impact the export dynamics and relations between the UAE and South Korea. However, the larger objective of our endeavour is to boost our respective economies,” he added.

KEXIM is South Korea’s official export credit agency, providing financial support over export and import transactions, overseas investments and development of natural resources. It aims to facilitate the growth of South Korea’s economy and enhance its economic cooperation with other countries.

ADEX was established in 2019 to provide financing solutions and guarantees to UAE exporters and import companies dealing with the UAE. It offers buyer-credit facilities for import of Emirati products and services, paving the way for Emirati-owned export companies to find new markets for their products while reducing potential payment risk.