Moon Seung-wook: "Logistics Difficulties Must Not Hinder Exports... Timely Support for Policy Finance Needed"

Minister of Trade, Industry and Energy Moon Seung-wook (right) is presiding over the 'Trade Policy Financial Institutions Heads Meeting' at a Korean restaurant near Seoul City Hall on the 13th.

[Sejong=Asia Economy Reporter Joo Sang-don] Moon Seung-wook, Minister of Trade, Industry and Energy, stated on the 13th, "It is necessary for policy financial institutions to continuously provide timely financial support like rain in a drought so that export momentum can be maintained."

On the same day, Minister Moon presided over the 'Trade Policy Financial Institution Heads Meeting' at a Korean restaurant near Seoul City Hall and said, "Logistics difficulties should not become an obstacle to our exports."

The meeting was held to review the trends in import and export logistics and to prepare additional support measures, with the attendance of Lee In-ho, President of the Korea Trade Insurance Corporation, and Bang Moon-kyu, President of the Export-Import Bank of Korea.

At the meeting, Minister Moon said, "Exports in August (from the 1st to the 10th) increased by 46.4% compared to the previous year, and the strong export trend continues to lead our economic recovery," adding, "Going forward, the Ministry of Trade, Industry and Energy will prioritize resolving logistics difficulties and will work closely with related ministries and agencies to fully support export companies in overcoming their challenges."

So far, the Ministry has been implementing measures to alleviate import and export logistics difficulties in cooperation with related ministries, such as deploying additional vessels, allocating dedicated shipping space for small and medium-sized shippers, supporting logistics costs, and easing port congestion.

With the cooperation of related organizations such as the Korea International Trade Association, Small and Medium Business Corporation, Export-Import Bank of Korea, and Korea Trade Insurance Corporation, financial support measures including 150 billion KRW in policy financing and preferential benefits for trade insurance and guarantees have also been prepared.

The Export-Import Bank of Korea and the Korea Trade Insurance Corporation agreed to regularly share trends in import and export logistics and financial difficulties faced by export companies and to closely cooperate in preparing additional financial support measures in the future.

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