 |
Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] The Korea Trade Insurance Corporation (K-SURE) announced on Wednesday that it will provide USD 1.7 billion in financing for a project in which Verizon Communications Inc., the largest telecommunications operator in the United States, purchases communication devices from Samsung Electronics.
Verizon is the No. 1 telecom carrier in the U.S. market, serving approximately 150 million subscribers nationwide.
K-SURE said the funds will be used entirely for the purchase of Samsung-made communication devices, including smartphones and tablets, and are expected to help expand the market share of Korean companies in the U.S. while strengthening their local competitiveness.
Amid intensifying competition among global smartphone manufacturers, K-SURE has continued to support so-called “device financing” programs, under which financing is provided to major global telecom operators on the condition that they purchase products from Korean manufacturers.
Earlier this year, K-SURE provided USD 700 million in financing to Bell, Canada’s largest telecommunications company, to support purchases of Korean-made communication devices, helping enhance the presence of Korean firms in the North American market.
In Europe, K-SURE has also extended financial support to major telecom operators, providing EUR 100 million to a Polish operator in 2021 and EUR 350 million to a French operator in 2023.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
