Gyeongnam Province to Accept Damage Reports 24 Hours for Ukraine-Russia Crisis

Online Applications Open from March 7 for Small and Medium Enterprises

Gyeongsangnam-do is accepting damage reports from small and medium-sized enterprises affected by the outbreak of the war between Russia and Ukraine.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Gyeongnam Province will open a damage reporting window for small and medium-sized enterprises affected by the outbreak of the war between Russia and Ukraine starting from the 7th.

Gyeongnam Province has been collaborating with the Korea Trade-Investment Promotion Agency (KOTRA), Korea International Trade Association, and city and county governments to monitor the trends and difficulties of export companies within the province.

Since the Ukraine situation, Western countries have intensified economic sanctions against Russia, and our government has decided to join these efforts, anticipating that economic damages such as non-payment from small export companies in the province will soon occur.

If the war between the two countries prolongs, various sanctions including financial restrictions and export controls against Russia are expected to cause an increase in raw material prices necessary for product manufacturing by small and medium manufacturing companies in the province, along with supply instability and rising logistics costs, thereby exacerbating difficulties in business activities.

The province will operate a damage reporting window on the Gyeongsangnam-do Overseas Marketing Business Support System website to understand the situation of small export companies and prepare countermeasures.

Damage cases can be submitted by filling out and registering the designated form, and the received cases categorized by type will be used to prepare future countermeasures.

By reviewing damage cases by industry sector and understanding the situation, support plans will be prepared in cooperation with the Ministry of Trade, Industry and Energy, the Ministry of SMEs and Startups, KOTRA, and the Korea International Trade Association.

Efforts will be made to minimize damage by utilizing Gyeongsangnam-do overseas offices, trade advisors, and KOTRA to support diversification of export and import routes.

Online damage reporting is available 24 hours a day, and detailed information can be obtained from the Gyeongsangnam-do Overseas Marketing Business Support System website or by contacting the Gyeongnam Province Small and Medium Venture Business Division’s Trade and Export Department.

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