Gyeonggi-do Supports SMEs with Maritime and Air Logistics Costs... Up to 3 Million KRW

Companies with export amounts under $20 million last year... 80 companies supported in the first phase
Governor Kim Dong-yeon approves first 'Emergency Economic Response and Livelihood Stabilization Comprehensive Plan'

Gyeonggi Province Governor Kim Dong-yeon approved the "Comprehensive Plan for Emergency Economic Response and Livelihood Stability" as his first official decision after taking office on the 1st. [Gyeonggi Province]

[Asia Economy Reporter Ra Young-cheol] As global adversities such as the prolonged Russia-Ukraine war have significantly increased logistics costs for small and medium-sized enterprises (SMEs), Gyeonggi Province is taking urgent measures to support logistics expenses for SMEs facing logistics difficulties within the province.

Gyeonggi Province and the Gyeonggi Economic Science Promotion Agency announced on the 11th that they will "promote the first logistics cost support project for export companies in Gyeonggi Province this year."

Through this project, the province plans to support maritime and air logistics costs up to 3 million KRW for export SMEs located in the province.

This is also one of the key policies approved by Governor Kim Dong-yeon, who took office on July 1, under the 'Emergency Economic Response and Livelihood Stabilization Comprehensive Plan.'

The province plans to recruit eligible companies in three rounds and support a total of 80 companies in the first round.

Eligible companies are manufacturing SMEs with headquarters or factories in the province and whose export amount last year was 20 million USD or less.

Support will be provided for logistics costs (maritime and air international transportation fees) borne by the companies for export shipments reported after January 1 of this year, based on different cost brackets.

For logistics costs borne (single or combined) between 500,000 KRW and less than 5 million KRW, support is up to 2 million KRW; for costs between 5 million KRW and less than 10 million KRW, up to 2.5 million KRW; and for costs of 10 million KRW or more, up to 3 million KRW.

Ryu Gwang-yeol, Director of the Gyeonggi Province Economic Office, said, "We hope this emergency logistics cost support will provide some help to export companies severely affected by logistics cost increases," adding, "We will continue to make every effort to resolve the logistics difficulties."

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