Ministry of Trade and KOTRA, Full Early Issuance of Export Vouchers

The Ministry of Trade, Industry and Energy (MOTIE) and KOTRA announced on the 11th that they completed the selection of companies participating in the export voucher program last month and issued the full amount of export vouchers to the companies early. This figure significantly exceeds the government's goal of early execution of 60% of the overseas marketing budget for export promotion in the first half of the year, which was promised earlier this year.

Launched officially in 2017, the export voucher program has entered its eighth year this year. The program provides online coupon-type vouchers to small and medium-sized enterprises (SMEs) and mid-sized companies in sectors such as materials, parts, and equipment; consumer goods; services; and green industries. Companies can freely select and use export support services within the voucher limit. At the end of February this year, 1,019 companies were selected in the first round, advancing the program start date by about one month compared to previous years. Reflecting the voices from the export field seeking expanded participation opportunities, 124 companies were selected in the second round in June. This is the first time since the program's inception that a second recruitment round has been held in the same year.

KOTRA Headquarters Exterior.

MOTIE and KOTRA plan to continuously strengthen collaboration with other ministries and related organizations regarding the voucher program to support the resolution of export difficulties faced by our SMEs and mid-sized companies. In particular, by promoting the 'Customized One-Stop Export Platform Support Project,' a collaborative project with Korea Hydro & Nuclear Power (KHNP) for the second consecutive year, they plan to actively support early-stage export companies in the nuclear power ecosystem to swiftly enter overseas markets.

Meanwhile, MOTIE and KOTRA will hold the '2024 Export Voucher Online Plaza' on the 12th for companies participating in the export voucher program. The event aims to guide the use of export vouchers and provide export-related consulting. In collaboration with six organizations, including five lead executing agencies (Korea Standards Association, Korea Institute of Design Promotion, Korea Conformity Laboratories, Korea Invention Promotion Association, Korea International Freight Forwarders Association) and the Korea Trade Insurance Corporation, the event will offer various programs to efficiently guide voucher use, such as a webinar for participating companies, an online matching consultation between participating companies and executing agencies, and a one-on-one export voucher mentoring week.

Jeon Chun-woo, Vice President of KOTRA and Head of the SME and Mid-sized Enterprise Division, stated, "Although export performance in the first half of the year showed a 9.1% increase compared to the same period last year, indicating a relatively favorable export situation, export difficulties such as soaring logistics costs and international freight rates persist. Through the export voucher program, we will provide timely support to resolve export difficulties faced by our SMEs and mid-sized companies, and we will do our best to ensure that the strong export trend in the first half continues into the second half."

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