Hong Nam-ki "Additional Ships Deployed on Americas and Europe Routes... Logistics Cost Support Raised to 20 Million Won"

Simplification of Customs Declaration Procedures for Export Vehicles and Fresh Cargo
Creation of 50,000 Export Startups by 2025

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki is speaking at the Emergency Economic Central Countermeasures Headquarters meeting held on the 12th at the Government Seoul Office in Jongno-gu, Seoul. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said on the 12th, "To resolve export logistics difficulties, we will deploy six temporary vessels on the trans-Pacific route within this month."

Deputy Prime Minister Hong presided over the 35th Emergency Economic Central Countermeasures Headquarters meeting on the same day and stated, "We have prepared additional support measures in three directions: additional supply of shipping capacity, expansion of freight support, and alleviation of port congestion."

First, the government will deploy temporary vessels on the trans-Pacific route more than twice a month, with six vessels to be deployed in May. Additionally, six vessels (16,000 TEU class) will be added to the Europe route by June.

The scale of maritime and air freight support this year will also be expanded from 7 billion KRW to 12.1 billion KRW. Accordingly, the logistics cost support limit per company will be raised from the existing 10 million KRW to 20 million KRW.

Furthermore, to alleviate congestion at ports, customs declaration procedures for export automobiles and fresh cargo will be simplified, and temporary storage yards will be secured at the Busan New Port Ungdong hinterland complex.

Deputy Prime Minister Hong added, "Small and medium-sized enterprises (SMEs) account for 96% of exporting companies and about 20% of export value, and monthly export amounts of SMEs have maintained an increasing trend for five consecutive months until March." He continued, "To expand the base of our exports, we have also prepared the ‘SME Export Support Advancement Plan,’ aiming to realize 50,000 export startups, 50,000 export small merchants, and 50,000 online and technology export SMEs by 2025."

Accordingly, various support measures will be devised, such as a maximum 0.3 percentage point interest rate reduction on new market entry support funds and applying guarantee fees 0.3 to 0.5 percentage points lower.

Meanwhile, the government plans to finalize and announce the K-semiconductor strategy at the 'Semiconductor Strategy Reporting Conference' chaired by President Moon Jae-in on the 13th.