Ombudsman Park Joobong "Actively Consulting Relevant Ministries on Export Companies' Difficulties"

Small and Medium Business Ombudsman Holds 'Regulatory Improvement Meeting for Overseas Market Entry Companies' with Export Companies in Jeonbuk Region

Jubong Park, Small and Medium Business Ombudsman (Vice Minister level).
[Photo by Asia Economy DB]

[Asia Economy Reporter Kim Jong-hwa] Park Ju-bong, Small and Medium Business Ombudsman (vice ministerial level), stated, "We will actively communicate the difficulties our small and medium enterprises are facing in the export field to the relevant ministries to ensure timely support measures are put in place."

On the 7th, Ombudsman Park held a 'Regulation Improvement Meeting for Overseas Market Entry Companies' at the Jeonbuk Regional Small and Medium Venture Business Administration conference room, together with the Korea Trade-Investment Promotion Agency. He listened to the voices from the field of small and medium export companies in the Jeonbuk region, which have been struggling due to the prolonged COVID-19 pandemic.

The meeting was attended by five export companies from the Jeonbuk region, along with the head of the Jeonbuk regional headquarters of the Korea International Trade Association and the head of the KOTRA Jeonbuk Support Group, to hear the companies' difficulties and suggestions.

At the meeting, particular difficulties were raised regarding the recent record-high maritime freight rates. Yoo Jeong-mok, CEO of Handok Elevator, the first elevator company selected as a promising small and medium enterprise (G-PASS) for overseas procurement markets, said, "The sharp increase in maritime freight rates in certain overseas regions is worsening the conditions for small and medium enterprises to enter overseas markets," and requested, "Various projects to support logistics costs for small and medium enterprises are needed."

In response, Ombudsman Park introduced the 'Logistics-Exclusive Export Voucher Project,' newly established with an additional budget of 14.2 billion KRW this year by the Ministry of Trade, Industry and Energy and the Ministry of SMEs and Startups, and replied, "We will continue to respond."

Bang Sang-myung, CEO of Hi-Jewel Co., Ltd., a domestic return company (U-turn company) that was established in Qingdao, China, and moved into a leased jewelry factory in Iksan in 2018, said, "Due to the COVID-19 situation, overseas buyers have filed for bankruptcy, making it impossible to collect export payments, causing difficulties," and requested, "Trade insurance support to prepare for unpaid receivables is urgently needed."

Ombudsman Park explained, "Through the Korea Trade Insurance Corporation's short-term export insurance system that compensates for uncollected payments, export companies can be compensated for losses incurred when payments are not received for transactions within two years of the export payment period."

In addition, attendees raised difficulties such as △support for strategic goods export by export startup companies, △shortening the registration period for electrical product safety certification, △measures to support companies damaged by counterfeit product exports, and △relaxation of COVID-19 self-quarantine standards.

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