Pyeongtaek City Allocates Additional Corporate Support Budget in Response to Prolonged Middle East Crisis

Pyeongtaek City in Gyeonggi Province announced on May 12 that it had allocated an additional 1.5 billion won in its corporate support budget during the 263rd extraordinary session held on May 8. This move was made to proactively respond to the prolonged instability in the Middle East and other deteriorating external conditions, and to support the business stability of local export companies.

Panoramic View of Pyeongtaek City Hall. Provided by Pyeongtaek City

This supplementary budget was prepared to assist citizens, small business owners, and companies facing challenges due to high oil prices and worsening external economic conditions caused by the prolonged instability in the Middle East. In particular, the budget for the corporate sector aims to provide practical support by alleviating funding shortages and easing the burden of rising costs caused by changes in the export environment. It is largely divided into funding support and export company support.

First, in the funding support sector, an additional 1 billion won will be contributed to special guarantee programs operated through the Gyeonggi Credit Guarantee Foundation, and another 1 billion won will be allocated to SME development funds, totaling 2 billion won in additional contributions. Through this, the city plans to help local SMEs secure stable financing and support their business stability.

In the export company support sector, a total of 500 million won will be invested across three projects. These initiatives are tailored support policies that actively reflect on-site corporate needs, as identified in the “Impact of the Middle East Crisis on Companies” report conducted by the Pyeongtaek Industrial Promotion Agency, as well as in meetings of the “Emergency Economic Council,” which includes six organizations such as Pyeongtaek City and the Pyeongtaek Chamber of Commerce and Industry.

The specific projects include: ▲Logistics cost support ▲Export and exchange rate fluctuation insurance premium support ▲Entry into overseas platforms. Detailed business plans, application requirements, and eligibility criteria will be provided through the Pyeongtaek Industrial Promotion Agency’s website and various media outlets.

Mayor Jung Jangsun stated, “As external uncertainties are increasing due to the prolonged Middle East crisis, we have secured additional funding to respond promptly to the worsening business environment and to lay the groundwork for the sustainable growth of SMEs. Moving forward, we will continue to flexibly implement effective, tailored support policies that reflect corporate needs.”

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