"All Departments to Propose Export Company Support Measures" ... Gyeongbuk Province Holds 8th Emergency Economic Countermeasure Meeting

Lee Dal-hee, Deputy Governor for Economic Affairs of Gyeongbuk Province, is holding an emergency economic countermeasure meeting at the Gyeongbuk Provincial Office on the 6th.

[Asia Economy Yeongnam Reporting Headquarters Reporter Koo Dae-sun] Gyeongsangbuk-do held the 8th Emergency Economic Measures Meeting at the provincial government office on the 6th and decided to make every effort to support export companies struggling with soaring raw material prices and rising inflation.

Lee Dal-hee, Deputy Governor for Economic Affairs of Gyeongsangbuk-do, ordered all departments to find ways to support export companies during the meeting.

The Deputy Governor said, “Despite the difficult domestic and international circumstances last year and the sharp decline in steel exports from the Pohang area, exports increased centered on the Gumi Industrial Complex, and it is encouraging that exports this year are also expected to exceed the national growth rate.”

He also urged, “The current economic recession and demand slowdown are challenges that small and medium-sized enterprises (SMEs) find difficult to overcome, so please establish special measures to support SMEs in pioneering overseas markets.”

He emphasized that related departments should collaborate on a comprehensive plan including ▲expanding dispatches of SME overseas market exploration teams, ▲strengthening support for export insurance premiums, ▲developing new export markets for agricultural, fishery, and food products, and ▲providing customized consulting support such as overseas market research for new export companies.

Gyeongsangbuk-do plans to quickly prepare and implement the ‘Gyeongbuk Trade Promotion Comprehensive Plan’ in cooperation not only with export-related departments but also with the Gyeongbuk Economic Promotion Agency, Gyeongbuk Tongsang Co., Ltd., KOTRA, Korea International Trade Association, and Small and Medium Business Corporation.

Additionally, following the government’s 2023 rapid fiscal execution plan, the province will promote early local fiscal spending from the beginning of the year to revitalize the regional economy.

According to the ‘2022 Export-Import Evaluation and 2023 Outlook Report’ released by the Korea International Trade Association in December last year, Gyeongsangbuk-do’s exports in 2022 increased by 6.2% compared to the previous year to $47 billion, marking the highest level in eight years.

After the meeting, Deputy Governor Lee Dal-hee departed on a business trip to the United States and Canada to pioneer overseas export markets and discover companies for overseas investment attraction.

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