News Briefing
Government to Promote Pan-ministerial Measures to Assist Exports
Jul 2024
The Ministry of Trade, Industry and Energy (MOTIE) announced on June 3 the following pan-inisterial measures for supporting exports and addressing the challenges of different export conditions and growing overseas uncertainties faced by Korean companies.
First, the government plans to strengthen and expand the export infrastructure by injecting KRW seven billion in public-private export policy support, of which KRW five billion will be added to the policy funding program and KRW two billion will be added to the export preferential loan program under the five major banks. The total policy funding amounts to KRW 365 trillion and the total preferential loan program amounts to KRW 7.4 trillion. Moreover, information provision on technical barriers to trade (TBTs) will be strengthened to help resolve business challenges arising from the changing trade environment. Korean companies will also be able to check all the export assistance programs offered by different ministries through a one-stop notification system.
Second, the government plans to bolster measures for strengthening the export competitiveness of each sector. For instance, the maximum of charging capacity for truck-to ship (TTS) will be expanded to four LNG vessels from the current two in order to meet global demand in a timely manner. Boarding declarations will no longer be required for companies that have a top track record in trade safety management. Companies importing critical raw materials and items will be allowed to complete their post-import management procedures on these critical items prior to import declarations. Import duties on naphtha, LPG, and the crude oil required for their production will be slashed to zero by the end of this year. Also, standards for
domestic animated films will be eased to boost entry into overseas market through global joint productions.
Lastly, the government plans to support the quantitative and qualitative growth of export-oriented SMEs and middle-market companies. Small business owners will receive a 50 percent reduction in service fees on overseas market research service provided by Korea Trade-Investment Promotion Agency (KOTRA). Furthermore, technology firms owning leading technologies will be eligible for preferential loans and added benefits from export assistance programs.
First, the government plans to strengthen and expand the export infrastructure by injecting KRW seven billion in public-private export policy support, of which KRW five billion will be added to the policy funding program and KRW two billion will be added to the export preferential loan program under the five major banks. The total policy funding amounts to KRW 365 trillion and the total preferential loan program amounts to KRW 7.4 trillion. Moreover, information provision on technical barriers to trade (TBTs) will be strengthened to help resolve business challenges arising from the changing trade environment. Korean companies will also be able to check all the export assistance programs offered by different ministries through a one-stop notification system.
Second, the government plans to bolster measures for strengthening the export competitiveness of each sector. For instance, the maximum of charging capacity for truck-to ship (TTS) will be expanded to four LNG vessels from the current two in order to meet global demand in a timely manner. Boarding declarations will no longer be required for companies that have a top track record in trade safety management. Companies importing critical raw materials and items will be allowed to complete their post-import management procedures on these critical items prior to import declarations. Import duties on naphtha, LPG, and the crude oil required for their production will be slashed to zero by the end of this year. Also, standards for
domestic animated films will be eased to boost entry into overseas market through global joint productions.
Lastly, the government plans to support the quantitative and qualitative growth of export-oriented SMEs and middle-market companies. Small business owners will receive a 50 percent reduction in service fees on overseas market research service provided by Korea Trade-Investment Promotion Agency (KOTRA). Furthermore, technology firms owning leading technologies will be eligible for preferential loans and added benefits from export assistance programs.
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