Kim Dongyeon Issues Four Urgent Directives in Response to Middle East Situation...Including Expanded Corporate Guarantees
Gyeonggi Province will open a support center to assist local export companies suffering damages due to the deterioration of the Middle East situation. The province will also provide support for increased logistics costs incurred by export firms as a result of rerouting around the Strait of Hormuz and airport closures.
On March 5, Gyeonggi Province announced that Governor Kim Dongyeon had issued four urgent directives to minimize and support damages suffered by local small and medium-sized enterprises stemming from the escalation in the Middle East. These measures include financial support, among others.
Accordingly, Gyeonggi Province will establish a damage report center and set up a one-on-one response system. The province is also reviewing emergency support measures to address the increase in logistics costs caused by detours around the Strait of Hormuz and airport closures.
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Additionally, the province will promote expanded guarantees through the Gyeonggi Credit Guarantee Foundation to support affected companies, and will promptly review the provision of emergency management funds. In particular, additional support such as export vouchers for export items destined for the Middle East will also be prepared.
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