K-sure Undergoes Overhaul with New Responsibilities

Unveils new vision and corporate identity; aims to post $2 trillion in trade and advance Korea into the ranks of the global top five trade powerhouses by 2020

Recognizing the importance of comprehensive policy support for overall international transactions with the growing interdependence between international trade and investment in recent years, Korea Export Insurance Corp. (KEIC) has been reborn as the Korea Trade Insurance Corp., or K-sure. This is its largest-ever overhaul since its inception, giving the corporation the new responsibilities of providing policy support to import transactions to secure overseas resources and commodities vital to the national economy and to smaller companies’ overseas investments.
A ceremony took place to unveil a signboard carrying the K-sure name at the corporate headquarters in downtown Seoul on July 7. Among those on hand at the ceremony were Minister of Knowledge Economy Choi Kyung-hwan, Chairman Sakong Il of the Korea International Trade Association and K-sure President Yoo Chang-moo. In his commemorative speech, MKE Minister Choi explained the background of renaming KEIC into K-sure, saying, “KEIC has been reborn as K-sure in order not just to provide support to exports, but also to step up credit support to the overall trade transactions and investments ranging from the importing of raw materials and vital commodities and SMEs’ overseas investments and projects to exploring natural resources and nuclear power plant markets.”
Choi stressed the limited effectiveness of the past export-oriented policies, saying that of late, demand, export, import and internal and external investments are more interlinked and converged than ever. Policy support for more comprehensive and balanced external trade investments through trade insurance is designed to shore up both exports and imports and invigorate the domestic industries and internal and external investments, he added.
At the same time, K-sure also unveiled the “2020 K-sure New Vision” and new corporate identity. Announcing the new vision, K-sure President Yoo said, “K-sure aims to provide trade insurance policies worth 360 trillion won to 16,000 Korean companies by 2020 with the goal of posting $2 trillion in trade and advancing Korea into the ranks of the global top five trade powerhouses.”
Yoo noted that K-sure will be at the forefront of Korea’s trade and investments by having an import insurance system in place as well as developing and offering quality trade insurance services so that diverse corporate trade and investment transactions can be enlivened.
K-sure also reorganized its operation through consolidations and mergers, creating the Green Growth Business Division and SME and Midsize Business Division and a newly-formed import insurance team.
The corporation also announced its new mark and slogan “Make Your Trade Sure” and decided to unify its internal and external name into K-sure. The name is a combination of “K,” meaning the Republic of Korea, and “sure,” from the word “insurance,” said K-sure officials, saying that it signifies its determination to be a reliable partner in the area of rugged, high-risk external trade and investment transactions.
K-sure underwent its biggest changes this time since its inception in 1968. KEIC had sought to amend the Export Insurance Act since January 2009. This effort paid off when the National Assembly approved a bill to revise the act in March 2010, paving the way for the corporation to be reborn as K-sure effective July 2010. The major changes include the renaming of the Export Insurance Act and the corporation to the Trade Insurance Act and Korea Trade Insurance Corp. (K-sure), respectively, and the expansion of K-sure’s business scope. nw

(left) Dignitaries, including Minister of Knowledge Economy Choi Kyung-hwan, hold a ceremony to unveil a signboard carrying Korea Export Insurance Corp.’s new name K-sure at its headquarters in Seoul. (right) K-sure President Yoo Chang-moo.