SEOUL, KOREA - Korea EximBank announced on May 21 it has selected 30 "hidden champions" in export and R&D performances. The average sales revenue of these 30 firms was 175.1 billion won, with an average export volume of 105.5 billion won.
The companies have an average of 23 patents with 8 percent of R&D staff shares in total employees. According to EximBank, 12 firms belong to "creative economy types" in the areas of environment and information technology.
The state-run bank will lend support to these companies to grow up to become true national champions, including export financing, guarantees, and consulting. EximBank defines a hidden champion as a firm with exports of more than US$300 million, producing an item belonging to the global top five, or making sales revenue more than 1 trillion won of which over 50 percent is exported.
Since 2009, EximBank has announced hidden champions every year. To date, a total of 281 firms have been selected under this program.
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