South Korea Launches 2 Trillion Won Trade Finance Program to Support SK Hynix Supply Chain

The South Korean government, in collaboration with SK Hynix and the country's four major commercial banks, has launched a symbiotic trade finance initiative worth 2 trillion won (approximately $1.4 billion) for semiconductor suppliers. The program aims to reduce financing costs for suppliers, converting the chip industry's upturn into expansion investments for small and medium-sized enterprises. At a signing ceremony held on the 19th in Yongin, Gyeonggi Province, at SK Hynix's semiconductor industrial cluster, Minister Kim Jung-won of the Ministry of Trade, Industry and Energy attended. SK Hynix, the Korea Trade Insurance Corporation, and the National Bank, Shinhan Bank, Woori Bank, and Hana Bank jointly signed the agreement. This marks the largest single-company cooperation agreement since the export supply chain guarantee program was launched in August last year.