South Korea's Korea Minting, Security Printing and ID Card Operating Corp (KOMSCO) plans to expand its exports of anti-counterfeiting and safety-related technologies this year to offset a decline in currency printing revenues.KOMSCO CEO Kim Hwa-dong told reporters at a lunch meeting on Monday that currency printing had "plunged sharply" since 2009 when the country began to supply the high denomination 50,000 won note. He added that people increasingly prefer to use credit cards for purchases rather than spending cash.This year, the firm is targeting to report 470 billion won (US$435 million) in sales helped by 66 billion won in exports.To achieve that goal, KOMSCO is aggressive in exporting papers used to make local notes and papers used for public documents largely in emerging markets such as Indonesia and Papua New Guinea, the CEO said. KOMSCO signed a deal with the Indonesian government in February to supply 8 million "security papers" with enhanced security functions for 880 million won over the next three years, he said.KOMSCO has produced bank notes for the Indonesian government in the past several years, but it is the first time for the company to provide the security papers to a customer outside the country.
