ANNOUNCEMENT 12 Aug 2011

On 26 July 2011, the Export-Import Bank of Korea (Korea Eximbank) announced financing CJ CGV's overseas business activities in Viet Nam.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

The Export-Import Bank of Korea, press release of 12 August 2011, Korea Eximbank Expedites Korean Wave in Vietnam: https://www.koreaexim.go.kr/site/program/board/basicboard/view?currentpage=42&menuid=002001007&pagesize=10&boardtypeid=284&boardid=16644

Inception date: 26 Jul 2011 | Removal date: open ended

Financial assistance in foreign market

The Korean Eximbank announced financing Korean CJ CGV with a total value of USD 58 million. The funding provided will support the Korean company's acquisition of Megastar Media in Viet Nam.

In this context, the Korea Eximbank stated: "This case represents a successful integration of the demand for expansion into overseas markets by CJ CGV, Korea’s largest multiplex cinema chain, and the expertise of Korea Eximbank as a specialised agency in overseas transactions. Korea Eximbank will provide all the support possible for establishment of a strong foundation for the cultural contents industry in order to tie the Korean Wave in Southeast Asia to economic benefits."

The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets and from foreign subsidiaries.

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AFFECTED PRODUCTS

 
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