Jeong Manki, Vice Chairman of Muhyeop, "Welcomes Comprehensive Export Finance Support Measures"
Government Measures Reflect Challenges Faced by Export Industry
The Korea International Trade Association (KITA) expressed its "welcome" regarding the 'Comprehensive Export Finance Support Plan' announced today.
On the 16th, Jeong Manki, KITA Vice Chairman, stated, "In a situation where financial difficulties persist in the export industry due to a slowdown in export market demand and high interest rates, the government's comprehensive export finance support plan, which includes a loan interest rate reduction of up to 1.5 percentage points and the establishment of a maximum guarantee limit of 5 billion KRW, is not only timely but also a result of actively addressing the difficulties faced by the export industry."
He also explained, "This plan involves not only policy financial institutions but also commercial banks, which can greatly contribute to maintaining the ecosystem of our export industry and revitalizing export momentum."
He added, "Regarding matters not reflected this time, such as the expansion of secondary interest subsidy projects and allowing overlapping guarantees from guarantee funds, we hope these will be considered in the future as export conditions develop, if necessary."Vice Chairman Jeong said, "The trade industry will respond to the government's active support and efforts by dedicating itself to market development and enhancing competitiveness, striving to quickly reverse the declining trend of our exports into an increasing one."
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Earlier, the Financial Services Commission held a meeting chaired by Chairman Kim Joo-hyun with bank presidents and heads of policy financial institutions at the Korea Federation of Banks in Jung-gu, Seoul, to finalize and announce the comprehensive export finance support plan. The plan includes investing over 4.1 trillion KRW in pioneering new export routes and 18.7 trillion KRW to strengthen the competitiveness of strategic export industries, among various other supports.
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