Eximbank offers tailored guidance to Korean exporters with potential

Over the past few years, Korea has discovered a number of undervalued export-oriented companies, pinning hopes on the so-called hidden champions to of counterbalance the nation’s conglomerate-centered economy and creating new growth momentum.

To achieve this long-term goal, it is crucial to provide continuous financial support to the prospective companies, the Export-Import Bank of Korea said Sunday.

The state-run bank over the weekend held the Hidden Champion Academy, a two-day educational session, inviting 25 executives from 20 member companies.

This was the second session since the education program kicked off last November.

“The key purpose of the academy is to help the corresponding companies’ staffers acquire the necessary professional knowledge and skills in trade, overseas investment, tax accounting and personnel management,” said a spokesman of Korea Eximbank.

“Up to now, the focus has been on discovering and selecting the right candidates for the program, but starting this year, we will concentrate more on nurturing the already-selected companies.”

Reflecting the feedback of the participants to last year’s session, this year’s program also included special lectures on exchange risk management and wage systems, he said.

“In addition to learning valuable business skills, I have also been able to acquaint myself with the working officials of other influential companies,” said Bae Sang-hak, an employee working at the business management team of Myung Sung Industrial Co.

Since 2009, the bank’s Hidden Champion project has been seeking out potential mid-sized local companies and boosting them to the “champion level.”

In order to acquire the title, a company has to either make $300 million or more in yearly export sales and produce one of the top five products in its industry, or make at least 1 trillion won ($960 million) in total annual sales, among which more than 50 percent is earned from exports.

Fifteen companies have so far reached the champion stage, and 301 are currently endeavoring to follow suit, according to officials.

By Bae Hyun-jung (tellme@heraldcorp.com)