The Export-Import Bank of Korea pledged strong support to key industries, especially the overseas construction sector, which has been pressed by weak exports and a domestic economic slowdown.

“Our economy is currently facing the toughest challenge ever,” said Eximbank president Lee Duk-hoon in a recent conference with the CEOs of leading domestic companies.

“As a financial policy organization, Eximbank will take the lead in promoting the global competitiveness of domestic companies and in creating jobs along the way.”

He added that the bank will especially focus on supporting the construction sector, which is struggling under the falling oil price and a decrease in overseas orders.



According to corporate researcher CEO Score on Monday, the overseas order amount of South Korean builders as of August stood at 47.8 trillion won ($40 billion), down 1.9 percent from the same period last year.

The Middle East region, which has been a key contractor for decades, saw a 60 percent decrease in order amount, down to 12 trillion won from 30 trillion won during the same period.

The Eximbank chief also stressed the need for diversification, with a focus on the service industry ― such as medical services, cultural contents, and distribution ― which has a direct impact on economic growth and job creation.

“Our goal is to preemptively develop new businesses and to arrange a financial package for them, so that they may effectively expand out of the domestic economy and into emerging markets,” he said.

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