Ombudsman Park Joobong Takes on Reforming Regulations and Difficulties for Export Companies in Incheon

Mid-sized Ombudsman Holds Meeting to Resolve Issues with 9 Export Companies in Incheon

Jubong Park, Small and Medium Business Ombudsman. / Photo by Dongju Yoon doso7@

[Asia Economy Reporter Kim Jong-hwa] Park Ju-bong, Small and Medium Business Ombudsman, held a 'Regulatory Difficulties Meeting for Overseas Market Entry Companies' on the 13th at the Sheraton Hotel in Incheon to resolve regulations and grievances of export companies in the Incheon area struggling due to the novel coronavirus infection (COVID-19).

Ombudsman Park judged that active efforts are necessary to relieve the prolonged difficulties of small and medium export companies caused by endless crises such as the resurgence of COVID-19 and the US-China conflict.

Accordingly, following the regulatory improvement meetings for overseas market entry companies held in Jeonju and Busan last July, he visited Incheon, a trade hub, to address the grievances of export companies.

Co-hosted with KOTRA Incheon Support Group, the meeting was attended by the Incheon Regional Small and Medium Venture Business Administration and nine export companies based in Incheon to discuss obstacles in export sites and possible improvement measures.

Company A, which manufactures and exports pharmaceuticals, stated, "Due to increased domestic and international demand, we are investing about 50 billion KRW in facility construction and expansion, but the loans required during this process significantly affect the company's credit rating," and requested, "Please exclude facility investment amounts from the debt ratio for a certain period (3-5 years)."

Ombudsman Park said, "I will propose to policy fund support institutions to exclude small and medium enterprises' facility investment funds from the debt ratio," and added, "We will continuously consult with related ministries to activate support for small and medium enterprises' facility investments."

In addition, various field difficulties were raised, including △ deferral of graduation for small and medium enterprises when foreign-invested companies make new investments, and △ allowing export of strategic materials for one year with a single permit for the same item.

After the meeting, Ombudsman Park visited a cosmetics export small and medium enterprise in Namdong Industrial Complex, one of the largest industrial complexes in the metropolitan area, to inspect production and export sites and listen to field voices.

Ombudsman Park Ju-bong expressed strong determination, saying, "We will continue to actively strive to prepare effective measures in cooperation with related ministries so that export companies can overcome the COVID-19 crisis and restore export vitality."

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