Hong Nam-ki Visits SMEs Operating Factories During Lunar New Year Holiday to Ensure On-Time Delivery

200 New Export Small Giants Selected, Focused Support in the First Half Including Export Vouchers

On the 31st, Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, visited Dongwon Parts, a specialized root technology company, and examined the products.

[Asia Economy Sejong=Reporter Kim Hyewon] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, visited a specialized root technology company that is operating its production line during the Lunar New Year holiday on the 31st.

According to the Ministry of Economy and Finance on that day, Minister Hong visited Dongwon Parts, a small and medium-sized enterprise producing and exporting parts for semiconductor and display equipment based on welding and surface treatment technologies, and encouraged the workers who are dedicated to meeting delivery commitments to global customers.

Immediately after visiting Dongwon Parts, Deputy Prime Minister Hong posted on social media (SNS), stating, "I hope exports will play a significant role in the full recovery of our economy this year as well," and added, "Last year, SME exports showed double-digit growth for the first time since statistics began, setting a new record of 117.1 billion dollars, contributing greatly."

Dongwon Parts is a promising manufacturing company selected as a specialized root technology company in 2020 and as a global small giant company last year. Despite the COVID-19 pandemic, it received the 10 million dollar export top award last year.

Deputy Prime Minister Hong said, "Despite Japan's export restrictions and the COVID-19 crisis, the company boldly invested in technology localization and achieved results by pioneering the Japanese market, known for its strict standards, in addition to the existing U.S. market, although it is still in the early stages," and added, "I felt gratitude for the words of CEO Cho Deok-hyung (Dongwon Parts) that government export voucher support was a practical help, and at the same time, I felt a heavy sense of responsibility."

The government plans to fully concentrate its policy capabilities this year to achieve complete economic normalization and strengthen the foundation of a leading economy. In this process, export companies will play a spearhead role, and the government intends to mobilize maximum policy capabilities to surpass last year's achievements and achieve the export target of 700 billion dollars ahead of schedule.

Two hundred new export-strong SMEs like Dongwon Parts will be newly selected, and various supports such as export vouchers (155.3 billion won in 2022) will be concentrated in the first half of the year. Additionally, efforts will be made to resolve export-import logistics difficulties by expanding the deployment of temporary ships and cargo planes, supporting logistics costs of 32 billion won (a 20% increase compared to 26.6 billion won in 2021), and other measures to maintain the momentum of export growth.

Deputy Prime Minister Hong said, "Considering that SMEs are relatively vulnerable to global supply chain risks, we will operate an Early Warning System (EWS) for about 4,000 major items and prepare preemptive measures such as supply stabilization plans for 200 key economic security items to ensure that there will be no disruption in raw material supply, and we will do our best efforts."

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