December 04, 2024

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Export-Import Bank of Korea Executive Director Lee Dong-hoon delivers opening remarks at a seminar held at the policy lender's headquarters in Yeouido, western Seoul, on Thursday. (Export-Import Bank of Korea)

The Export-Import Bank of Korea stressed the need for companies to comply with environmental, social and governance, or ESG, regulations when expanding overseas through a seminar held Thursday.

The seminar was held to share the latest trends in ESG regulations and discuss Korean companies’ response to disruptions in the global supply chain, the policy lender explained.

It was held in partnership with international consultancy firm Environmental Resources Management Korea and leading local law firm Yulchon.

According to the lender, around 170 officials from companies in diverse sectors such as overseas infrastructure development, secondary batteries and semiconductors attended the seminar.

At the event, Eximbank introduced its efforts to stabilize the supply chain for Korean companies.

Under the Framework Act on Supply Chain Stabilization Support for Economic Security enacted in June, the Eximbank is to operate a 5-trillion-won ($3.76 billion) fund to support companies playing a major role in ensuring the stability of the supply chain.

The fund will be used to extend low-interest rate loans for companies and provide tax incentives for the development of key technologies.

In the third quarter, the policy lender started to offer subsidies to small and medium-sized companies as well, allowing them to receive consultations on ESG regulations and compliance. A 3-billion-won budget has been drawn up for the cause.

“The seminar was prepared to support Korean companies to control environmental and social risks in their overseas ventures,” Eximbank Executive Director Lee Dong-hoon said.

“Eximbank is a leading institution that has been executing screening for environmental and social efforts based on guidelines suggested by the Organization for Economic Cooperation and Development since 2004. It will put go all out to help Korean companies take up their responsibility in ensuring environmental and social sustainability,” Lee said.

By Im Eun-byel (silverstar@heraldcorp.com)