Daejeon City Provides 5.2 Billion KRW Support for Companies' Overseas Market Expansion

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City announced on the 1st that it will establish the 'Overseas Trade and Commerce Basic Plan' this year and allocate a budget of 5.2 billion KRW to support local small and venture companies in pioneering overseas export markets.

The support will begin with an online export consultation meeting held this month and will be carried out through 22 detailed projects in two areas: overseas online and offline marketing and global export infrastructure projects.

The city will first promote 14 projects to support overseas marketing, including dispatching trade delegations, group (individual) support for overseas fairs and exhibitions, support for entry into the North American market, global supply chain projects, overseas business consultation meetings hosted by overseas trade offices, and fostering global strong small and medium enterprises.

In particular, in connection with the UCLG conference to be held in Daejeon from October 10 to 14, a Daejeon excellent product exhibition and an export consultation meeting inviting overseas buyers will be held together.

Projects to support the establishment of a global corporate environment include overseas logistics cost support, export guarantee insurance premium support, overseas translation and interpretation support, and overseas standard certification acquisition support.

Meanwhile, according to the '2021 Daejeon Sejong Chungnam Export-Import Trends' by the Korea International Trade Association Daejeon Sejong Chungnam Regional Headquarters, Daejeon's major export countries are China, the United States, the United Arab Emirates, Vietnam, and Japan in order of importance.

Among them, the export item status to China shows that integrated circuit semiconductors (61.5%), cosmetics (74.0%), and semiconductor manufacturing equipment (53.9%) each account for more than half of the export status by item.

Kim Yong-du, head of the Corporate Startup Support Division of the city, said, "The global economy is facing uncertain conditions due to the spread of COVID-19, inflation, and US-China relations," adding, "The city will reflect these circumstances and devote itself to discovering and promoting support policies for the practical expansion of exports by local companies."

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