- To support export and investment in Spain by opening Madrid branch which covers Spain, Portugal and the northern Africa
- ‘Good signs’ on trade environment to Spain: South Korean President’s official visit to Spain and foundation being laid for trade insurance


■ Korea Trade Insurance Corporation (K-SURE, www.ksure.or.kr) held the opening ceremony of the Madrid branch at Western Palace Hotel in Madrid, Spain.

○ The event was attended by over 50 heads* of government, public institutions, related organizations and companies in Korea and Spain.

* Seung-dal Baek (Deputy President of K-USRE), Jong-gyu Hong, (Chief Representative in Spain of K-SURE), Sang-hoon Park (Ambassador of the Korean Embassy to Spain), Maria Ramos (Director-General of International Trade and Investment, Ministry for Industry, Commerce and Tourism of Spain), Fernando Salazar (Chairman and CEO of CESCE)


■ The Madrid branch of K-SURE covers not only Spain, but also Portugal and northern Africa. It is expected to play a pivotal role in supporting trade insurance for Korean companies who have entered into those markets.

○ With its solid network with private and public institutions, the Madrid branch plans to provide various trade insurance services including local market trend research, buyer credit surveys, and export receivables collection in a quick and systematic manner.


■ There have been good signs on trade environment in Spain. After Korea and Spain established ‘strategic partnership’ followed by South Korean President Moon Jae-in’s official visit to Spain in June 2021, K-SURE opened its Madrid branch in Spain. So, the trade environment between Korea and Spain is expected to be more stable and favorable, helping more Korean companies enter into the market in Spain more smoothly.

○ Spain is Korea’s 10th largest trading partner. Back in the days when the two countries just established bilateral diplomatic ties in 1980, the trade volume between the two stood at only U$ 100 million. However, in 2020, it reached whopping U$ 4.2 billion. The demand for trade insurance by Korean companies keeps on the rise, too.

○ In particular, Spain is a leading green energy country with its renewable energy ratio close to 40% out of the total power generation. Also, the Spanish government recently announced that it will put 39% of its budget (EUR　72 billion) for ‘Plan for Recovery, Transformation and Resilience*’, into green conversion. Under these circumstances, it is not surprising that companies in the green infrastructure construction field have been regarding Spain as one of the most promising markets.

* ‘Plan for Recovery, Transformation and Resilience’ in Spain: A national policy of the Spanish government to inject a total of EUR　72 billion from 2021 to 2023 to recover the economic damage caused by COVID-19. This policy focuses on green and digital economy transformation.


■ Mr. Seung-dal Baek, Deputy President of K-SURE, attended the opening ceremony and delivered K-SURE’s strong will to actively support Korean companies’ participation in the Spain’s green projects in a meeting with Ms. Maria Ramos (Director-General of International Trade and Investment, Ministry for Industry, Commerce and Tourism of Spain). Also, he and the CEO of CESCE reaffirmed that the cooperation on export finance between ECAs of the two countries remains strong.


■ Mr. Inho Lee, Chairman and President of K-SURE, said, “K-SURE’s Madrid branch took its very first step in a strategically important location, Spain, which connects Europe and the African continent. And it will definitely help Korean companies find new opportunities in a broader market.”

【 Opening Ceremony of Madrid branch of K-SURE 】

* K-SURE held the opening ceremony of its Madrid branch in Spain.