Additional 19.3 Billion Won for Export SMEs Crisis Overcoming... "Support for Overseas Expansion"

Ministry of SMEs and Startups
Export Voucher Program
In-house Shopping Mall Development Project
Air Cargo Freight Rate Compensation Project

Source=Ministry of SMEs and Startups

[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups announced on the 19th that it will invest a total of 19.3 billion KRW in the 'Export Voucher Project,' 'Own Shopping Mall Development Project,' and 'Air Cargo Freight Subsidy Project' to help export companies overcome the crisis caused by the prolonged COVID-19 pandemic.

This export activation fund will support the overseas expansion of 1,390 SMEs and startups (360 for vouchers, 30 for own shopping malls, and 1,000 for air freight). First, additional companies will be recruited to participate in the Export Voucher Project, which provides customized services by export scale and capability in the form of vouchers, with a budget of 13.5 billion KRW. About 360 companies will be selected, and government subsidies of up to 80 million KRW will be provided depending on the previous year's export performance and stage.

The Own Shopping Mall Development Project will be supported with a budget of 1.8 billion KRW. To activate non-face-to-face exports using information and communication technology (ICT) and support entry into the global e-commerce market, promotional and marketing costs will be supported for five promising consumer goods companies that own their own shopping malls. Thirty companies will be selected, and up to 100 million KRW will be supported within 70% of the project cost depending on the stage of online export growth.

Additionally, the Air Cargo Freight Subsidy Project will be implemented to support the soaring air logistics costs caused by COVID-19. A budget of 4 billion KRW will be invested, and 1,000 companies will be recruited. For exports made using air delivery during July and August this year, 30% of overseas shipping costs (average subsidy rate), up to 5 million KRW, will be supported.

No Yongseok, Director of Global Growth Policy at the Ministry of SMEs and Startups, said, "We have prepared various support measures to help export companies find new opportunities by resolving difficulties caused by the prolonged COVID-19 pandemic." He added, "We will continue to provide various overseas expansion supports that can practically help SMEs overcome export difficulties."

This content was produced with the assistance of AI translation services.