- UKEF appoints its first International Export Finance
Executive (IEFE) for South Korea
- The IEFE will help to facilitate trade links between the two
countries, with £4 billion of financing on offer
- UKEF seeking to grow number of South Korean businesses
looking to invest and trade with the UK, particularly within
renewable energy and clean growth sectors
UK Export Finance (UKEF) today announces it has appointed its
first International Export Finance Executive (IEFE) for South
Korea. With £4 billion of funding on offer to buyers, provided
they source 20% from the UK, the IEFE will work to facilitate
major financing deals for Korean businesses who seek to build
relationships with UK exporters.
The role will provide a dedicated, on-the-ground specialist
within the British Embassy in Seoul, working closely with major
UK government departments to showcase the expertise, capability
and profile of UK businesses.
Coming as the UK and Korea mark 140 years of diplomatic relations
and look to deepen ties, including in trade and investment, the
appointment aims to strengthen existing trade relations and build
on UKEF’s track record in the region, following three offshore
wind projects it supported in Taiwan in recent years, including
the £230 million Formosa 2
Project.
South Korea currently sits as the UK’s 18th largest export
market, with £10.2 billion worth of exports sold to the country
in the four quarters to the end of Q2 2022.
UKEF CEO Tim Reid said:
We’re delighted to have a UKEF 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. South Korea is a major export
destination for us already and we’re glad to deepen our existing
trade relationship. Both countries stand to gain from the
innovation and creativity that exists in the South Korean
economy: by identifying projects that deliver on our mutual goals
and ensuring that the UK supply chain is at the forefront. Our
new International Export Finance Executive will ensure that the
trade relationship between South Korea and the UK will continue
to evolve and strengthen for the future.
The appointment of an IEFE in Seoul is the latest development in
UKEF’s drive to expand its global IEFE network, which will now
total 7 representatives in Asia and a further 13 in key markets
across the Americas, South Asia, Asia Pacific and Africa.
Tony Clemson, Country Director at the Department of
Business and Trade said:
I am delighted we have an IEFE joining our team. This new
expertise in export finance will add rocket fuel to our UK-Korea
trade relationship. UK businesses have significant capabilities
in green technologies and can help accelerate the net zero
transition in both Korea and third markets.
The appointment is announced as preparations for
negotiations for an enhanced Free Trade Agreement between the
UK and South Korea are underway, setting the stage for a further
strengthening of trade relations and closer cooperation between
the two countries.
