[Apha Biz=(Chicago) Reporter Paul Lee] The government has come up with a total of 23 trillion won in financial support to strengthen export competitiveness. The move is aimed at helping exporters on alert due to global supply chain instability and intensifying competition in high-tech industries.

Kim Joo-hyun, chairman of the Financial Services Commission, presided over a meeting of bank presidents and heads of policy and financial institutions on the 16th and announced a comprehensive support plan for export financing. The key is to provide 23 trillion won worth of finance to explore new export markets, strengthen competitiveness in strategic industries and resolve difficulties for leading exporters.

First of all, the government will supply specialized financial products worth about 4.1 trillion won to companies seeking to find new overseas markets and exporters entering overseas markets along with large companies. To help Korean companies win large-scale overseas projects, policy financial institutions such as the KDB Development Bank and the Export-Import Bank of Korea will provide direct loans or induce bank loans through guarantees. Funds will also be created to help small businesses (materials, parts, and equipment) make inroads into foreign markets and expand production bases in the country.

Policy financial institutions and banks will invest an additional 18.6 trillion won in export strategy industries such as semiconductors, secondary batteries and bios. In particular, the five major commercial banks (KB Kookmin, Shinhan, Woori, Hana and NH Nonghyup) will voluntarily cooperate with guarantee agencies to launch separate preferential products worth about 5.4 trillion won for exporters. Loan rates are preferred up to 1.5 percentage points and guarantee fees up to 0.8 percentage points, lowering the cost burden on exporters.

 

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