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The Ministry of Knowledge Economy will dramatically increase export insurance that supports 26 percent of Korea's total exports. It said Korea will designate Central and South America, the Middle East, and the Commonwealth of Independent States as potential markets and expand resource development projects mainly into Central and South America.
President Lee Myung-bak on Tuesday said financing support for exports will be "ample and reliable."
In a ceremony marking the 45th Trade Day, Lee said the world financial crisis was a huge stumbling block to export-oriented Korean economy, so emergency measures are needed. He promised to examine the "frontline" of the financial sector to make sure funds needed in industry become available fast.
Lee said now is the time to pay close attention to Central and South America with its vast land, abundant resources, and teeming population by spurring market diversification. "Korea's legendary success will make a comeback if we make this crisis into an opportunity by arming ourselves with the will to revive trade prosperity," he said.
(englishnews@chosun.com )
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