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Ministry of SMEs and Startups Announces 'Logistics-Only Export Voucher Program' Call for Applications…Up to 20 Million KRW Support per Company

2021 Logistics-Exclusive Export Voucher Project... Supplementary Budget of 10.9 Billion KRW Allocated
Support for General Logistics and Long-Term Transport Contracts... Issuance of Vouchers up to 20 Million KRW

Ministry of SMEs and Startups Announces 'Logistics-Only Export Voucher Program' Call for Applications…Up to 20 Million KRW Support per Company Loading cargo at Busan Port Gamman Pier
(Busan=Yonhap News) Photo by Kang Deok-cheol = On the 1st, a container ship is loading cargo at Gamman Pier, Busan Port. South Korea's exports achieved record highs for both June and the first half of the year. According to the Ministry of Trade, Industry and Energy on the 1st, June exports amounted to 54.8 billion dollars, a 39.7% increase compared to the same month last year. 2021.7.1
kangdcc@yna.co.kr
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[Asia Economy Reporter Lee Junhyung] The Ministry of SMEs and Startups announced on the 25th that it is recruiting export SMEs to participate in the '2021 Logistics-Only Export Voucher Project.' The recruitment period is from the 2nd to the 13th of next month.


The logistics-only export voucher project is a newly established program by the Ministry of SMEs and Startups to resolve logistics difficulties faced by export SMEs. According to the ministry, export SMEs have been struggling recently due to export freight rates such as maritime and air freight continuously reaching record highs and a shortage of vessels occurring.


Earlier, on the 7th of this month, the ministry held a meeting with export SMEs facing logistics difficulties and announced plans to establish the logistics-only export voucher project. Subsequently, an additional supplementary budget of 10.9 billion KRW was allocated for this project, and the ministry will officially implement the project starting next month.


Ministry of SMEs and Startups Announces 'Logistics-Only Export Voucher Program' Call for Applications…Up to 20 Million KRW Support per Company


Any company with overseas logistics plans until the end of this year can apply for the logistics-only export voucher project. The ministry plans to select and support about 780 export SMEs nationwide.


The ministry supports export SMEs through two methods: ▲general logistics support and ▲long-term transportation contract support. General logistics support covers international transportation costs such as maritime and air freight fees and freight insurance premiums incurred during export. Long-term transportation contract support assists SMEs with export volumes to the US West Coast in signing long-term transportation contracts with the national shipping company (HMM) and supports international transportation costs.


The ministry issues vouchers worth either 10 million KRW or 20 million KRW based on each company's export scale and logistics costs. However, companies must cover 30% of the voucher amount out of their own funds.


Oh Gi-woong, Director of Global Growth Policy at the Ministry of SMEs and Startups, said, "Due to the prolonged COVID-19 pandemic, the supply shortage of maritime and air transport services and rising freight rates continue to cause difficulties for export SMEs. We will actively promote this project to alleviate the logistics difficulties of export SMEs."


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