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| New Export-Import Bank of Korea (Eximbank) Chairman and President Yoon Hee-sung delivers a speech during his inauguration ceremony at Eximbank headquarters in Yeouido, Seoul, Wednesday. Courtesy of Eximbank |
By Yi Whan-woo
The Export-Import Bank of Korea (Eximbank) is led by a figure who comes from its own ranks, marking a progressive step, unlike other public institutions that have been stirring controversy for their "parachute appointees," or heads who have been appointed due to their connections with the current government.
Eximbank said Wednesday that new Chairman and President Yoon Hee-sung took office after serving at the state-run lender for more than 30 years and retiring in January 2020 as a vice chairman.
Operating under the wing of the Ministry of Economy and Finance, Eximbank has never had a chairperson with the record of having been internally promoted since its establishment in 1976.
The organization has mostly been led by retired high-ranking officials from the ministry, who had ties with the incumbent government at that time.
"This will be the first time Eximbank will be chaired by an internally-promoted figure, either retired or active," the bank said in a press release.
The lender expressed hope that Yoon's expertise on policy-based lending and international finance can help facilitate trade, overseas investment and other areas of economic cooperation abroad, and ultimately, contribute to the national economy.
Yoon joined Eximbank in 1988. He served in key positions as he moved upward in the organization, including in the public relations, international finance and financial markets, next growth engines and business innovation areas.
He most recently served as a vice chairman from January 2018 to January 2020.
He earned his bachelor's degree in economics and master's degree in public administration, both from Seoul National University.
In his inauguration speech, Wednesday, he said he is "extremely pleased to be back" at Eximbank.
"My heart has always been with the family-like members of Eximbank, even after I left," he said.
Based on his experience away from the bank for the past two years, Yoon said that there are "far higher expectations" of Eximbank in the outside world than it can imagine.
Accordingly, he listed four key objectives that he sees as necessary for keeping up with such expectations in the midst of the growing economic uncertainties.
The four objectives are: crisis management, preparation for the future, creativity and sustainability.
Concerning crisis management, Yoon vowed to launch an emergency response unit in line with the government's effort to tackle disrupted supply chains, to secure sufficient foreign exchange reserves and support small- and medium-sized enterprises (SMEs.)
He pledged to take preemptive steps concerning climate change and strategic industries and to bolster financing to export nuclear energy plants, as the Yoon Suk-yeol administration has been pushing for.
Concerning creativity, he suggested linking various means of policy-based lending available at Eximbank to contribute to the economy, national security and diplomacy, which are increasingly interconnected.
Yoon said that Eximbank should strive to become an example for transparency and self-regulatory control as a part of efforts to enhance sustainable management.
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