Gyeonggi Province to Provide Up to 50 Million Won in 'Package Support' to 900 SMEs Facing Export Crisis

【Financial News Suwon=Jang Chungsik Reporter】Gyeonggi Province will provide up to 50 million won to companies that may suffer from trade disputes, focusing on key export items to the U.S. such as automobiles, semiconductors, pharmaceuticals, steel, and aluminum.
According to Gyeonggi Province on the 13th, the province is promoting a 'Trade Crisis Response Package Support Project' to support SMEs in the province facing an export crisis due to the strengthening of protectionism by the Trump administration's second term.
This reflects the corporate suggestions made during the export SME on-site meeting presided over by Governor Kim Dong-yeon last February.
The 'Trade Crisis Response Package Support Project' will be operated with a total scale of 7 billion won, targeting 900 SMEs in the province experiencing an export crisis.
The province has prepared an integrated announcement and simple application system through the Gyeonggi Business Secretary (EasyBiz) operated by the Gyeonggi Economic Science Promotion Agency, allowing SMEs to respond quickly.
The project supports by dividing into export stages, with △Stage 1 crisis response including market research and export consulting △Stage 2 crisis transition including individual and group participation in overseas exhibitions and overseas marketing agency △Stage 3 crisis overcoming including overseas certification and export logistics costs.
Support funds ranging from 5 million to 15 million won per company per stage will be provided, with the maximum amount a company can receive being 50 million won.
Support applications can be made through the 'Gyeonggi Business Secretary (EasyBiz)', and applicants can select the desired sub-projects in the integrated announcement.
Selection will be made after a comprehensive evaluation by experts considering the necessity of support and crisis situation, and practical help such as consulting or exhibition participation will be provided through matched support institutions.
Through this project, the province expects to minimize concerns about a sharp decline in exports due to the strengthening of U.S. protectionism, diversify export channels, and enhance the competitiveness of companies in the province.
In particular, unlike existing export support projects, it is designed to focus on SMEs with export amounts of less than 30 million dollars to ensure substantial benefits.
Detailed information and application methods can be found through the Gyeonggi Economic Science Promotion Agency and Gyeonggi Business Secretary websites.
Park Geun-gyun, Director of International Cooperation at Gyeonggi Province, said, "This support project was prepared to practically help SMEs most vulnerable to changes in the external trade environment," adding, "We hope that the large-scale support of up to 50 million won per company will reduce corporate damage and further help in recovering competitiveness."

jjang@fnnews.com Jang Chungsik Reporter