Korea to provide 'all-out' support to export firms amid global trade uncertainties: ministry

The Ministry of Trade, Industry and Energy at the Sejong Government Complex in Sejong is seen in this March 30, 2022 photo. Yonhap

The government will join hands with export-related agencies to provide "all-out" support to Korean companies in export business, the industry ministry said Wednesday.

The Ministry of Trade, Industry and Energy held a joint conference in Seoul with various export-related agencies, including the Korea Customs Service, the Korean Intellectual Property Office and the Korea Trade-Investment Promotion Agency (KOTRA), on a comprehensive support package for export companies amid heightened global trade uncertainties, according to ministry officials.

In the conference, the ministry and related agencies showcased the comprehensive support package, which includes an emergency system to help companies respond to tariff issues, consultations on business strategy and various other support measures.

The government has devised support measures ranging from export vouchers for small and medium-sized enterprises to the largest-ever trade financing scheme, worth 366 trillion won ($249.9 billion), to help local businesses respond to major economies' protectionist trade policies.

"Even amid shifts in market conditions, Korean companies will be able to have new export opportunities with competitive technologies and differentiated strategies," Industry Minister Ahn Duk-geun said during his visit to the conference, vowing to work to keep expanding support measures for export firms.

Kang Kyung-sung, president and CEO of KOTRA, said it will put in "all-out" efforts to support exports of Korean companies by "actively collaborating with export-related agencies and utilizing its domestic and overseas network." (Yonhap)