Export-Import Bank of Korea President Yoon Hee-sung, right, poses with Naver ESG and External Policy President Chae Seon-ju after signing a memorandum of understanding at the Naver 1784 Building in Seongnam, Gyeonggi Province, Thursday. Courtesy of Eximbank

The Export-Import Bank of Korea (Eximbank) signed a memorandum of understanding (MOU) with Naver and Naver Cloud for mutual collaboration to strengthen their competitiveness in global expansion, the bank announced Friday.

According to Eximbank, its President Yoon Hee-sung met with Naver ESG and External Policy President Chae Seon-ju, Naver Cloud CEO Kim Yoo-won and Naver Labs CEO Seok Sang-ok at the Naver 1784 Building in Seongnam, Gyeonggi Province, to sign the agreement, Thursday.

The MOU aims at strengthening the global competitiveness of advanced industries by linking Eximbank's financial support capabilities with the information and communication technology (ICT) expertise of Team Naver.

Major areas of cooperation include information exchange and joint development of overseas ICT infrastructure and smart city projects, as well as Eximbank's financial support for overseas initiatives by Team Naver.

Through this MOU, the two companies are expected to create leading overseas expansion cases based on their collaboration in ICT projects, such as Naver's digital twin project in Saudi Arabia. Digital twin refers to a technology mirroring real-world entities in a digital virtual environment, to serve as a core platform for innovative industries such as robotics, AI and smart cities.

"This MOU will serve as a stepping stone for the expansion of Team Naver's overseas business as well as diversification of Eximbank's future industrial portfolio. It is also expected to create synergy between the construction and IT industries," Yoon said after signing the agreement. "We will actively support the global expansion of K-ICT projects by Korean companies using various financial tools."

"Team Naver's advancement into the global market is possible not only because of the technology we have accumulated over the long term but also because of the excellent partners we have with us," Chae said. "We will continue to investing in research and development of advanced technology while working with diverse domestic and international partners to further enhance the global competitiveness of Team Naver." (Advertorial)