Jung Manki, Vice Chairman of the Korea Federation of Banks, "Welcomes 184 Trillion Won Trade Finance Support in the Second Half"

The Korea International Trade Association (KITA) expressed a welcoming stance on the 'Second Half Economic Policy Direction' announced by the government on the 4th.

Jung Manki, Vice Chairman of KITA, stated in a commentary on the 4th, "The trade industry welcomes the government's second half economic policy direction, which lays the foundation for export expansion through improvements in the business environment such as expanding the scope of support for national strategic technologies, improving the research and development (R&D) support system, and reforming immigration policies."

He continued, "Recently, due to high interest rates, 25% of exporting companies are struggling to cover interest expenses with operating profits. The government's plan to provide a record-breaking 184 trillion won in trade finance support in the second half of the year is expected to greatly contribute to overcoming financial difficulties in the export sector," he emphasized.

Vice Chairman Jung added, "The trade industry will actively strive to contribute to an early rebound in exports by utilizing the government's customized outreach support policies such as 'One-Stop Export 119.' The association will also not spare any support to strengthen the competitiveness of the trade industry in line with the government's economic policy direction."

The government has decided to supply a record 184 trillion won in trade finance to support the recovery of exports, a major pillar of the Korean economy. In particular, financial support will be strengthened for small and medium-sized enterprises (SMEs) and companies that have succeeded in export diversification, expanding the Korea SMEs and Startups Agency's export SME loan support from the current 357 billion won to 507 billion won, an increase of 150 billion won. Policy focus will also be placed on supporting export expansion of products in 12 new export growth sectors, including nuclear power, defense, plants, and smart farms.

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