Incheon City Supports Logistics Costs for Export-Damaged Companies Due to COVID-19... Up to 5 Million KRW

[Asia Economy Reporter Park Hyesook] Incheon City announced on the 15th that it will promote the 'COVID-19 Export Logistics SOS Support Project' to support small and medium-sized enterprises (SMEs) suffering export damage due to the prolonged COVID-19 pandemic.

This is a follow-up measure reflected in the 2nd supplementary budget after being proposed at the '100-Person Video Conference with SMEs' held last May and Incheon City's plan to revitalize exports.

The support target is SMEs with export amounts of $30 million or less in the previous year, and the business registration address must be in Incheon. Support will cover freight costs (sea and air) borne by exporters, overseas warehouse fees and transportation fees, and express courier fees for samples.

The support scale is up to 5 million KRW per company (with a 10% company contribution), and about 100 companies will be supported. Applications are accepted through the customized one-stop support service for SMEs (http://bizok.incheon.go.kr).

An official from Incheon City said, "We hope that the export logistics cost support project will help SMEs suffering export damage due to the COVID-19 pandemic," and added, "We will strive to minimize export damage to companies through continuous monitoring in the future."