The Export-Import Banks (Eximbanks) of Korea and India have signed a letter of credit (L/C) agreement aimed at facilitating import-export flows between the two countries.

According to Eximbank Korea, the signing underlines the growing importance of financing services to facilitate trade between the two countries and supports companies from one country with investments in the other.

L/C confirmation

The President of Eximbank Korea, Shin Dong-kyu, signed this month a bilateral L/C confirmation facility agreement with president of Eximbank India, Venkat Subramanian, in New Delhi.

Under the agreement, the two banks will guarantee export L/Cs issued by commercial banks of each country within a US$10 million limit.

Representative office

Eximbank Korea has also opened a representative office in New Delhi, specifically to provide trade-financing services to the giant Hyundai motor manufacturing facility in India and the 70 other South Korean companies operating in the country.

This is Eximbank Korea's first representative office in India. It already has several across Europe, North and South America, Eurasia and Europe.

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