Korea Eximbank, major Indian financial companies meet to expand cooperation

The Export-Import Bank of Korea (Korea Eximbank) met with representatives from major Indian financial institutions to discuss financial cooperation between the two countries during a gathering of banks in Uzbekistan.

Korea Eximbank held separate discussions with India Exim Bank and the State Bank of India (SBI) each, covering topics including critical minerals and clean energy, during the 59th Annual Meeting of the Asian Development Bank, which took place in Uzbekistan from Sunday to Wednesday.

Hwang Ki-yeon, the chairman and CEO of Korea Eximbank, sat down with Tarun Sharma, the deputy managing director of India Exim Bank, to discuss ways to link Korea Eximbank’s export financing and supply chain stabilization fund with the critical minerals sector, including rare earths.

They also explored financial cooperation measures for joint clean energy projects involving solar power, wind power and green hydrogen, as well as efforts to help build India’s shipbuilding industry ecosystem, according to Korea Eximbank.

Additionally, the two sides reviewed potential cooperation for India’s digital financial infrastructure and joint expansion into the Global South, a collective term for emerging developing countries in Asia, Africa and Latin America.

Hwang separately met with Rana Ashutosh Kumar Singh, the managing director of SBI, to consider ways to strengthen Korean companies’ competitiveness in the Indian market.

During the meeting, the two discussed expanding the scope of on-lending support from automobiles to promising industries including industrial equipment, home appliances, food and cosmetics.

On-lending is an indirect financing program in which local banks provide loans to overseas subsidiaries of foreign companies or local importers working with international companies by using funds supplied through credit line agreements.

“Building a foundation for financial cooperation ahead of full-scale investment is the role of Korea Eximbank,” Hwang said in a press release. “We will prepare concrete financial support measures to help Korean companies expand into India in key sectors such as critical minerals, environmentally friendly energy and technology.”

BY KIM JI-YE [[email protected]]