Ministry of SMEs and Startups Invests 11.9 Billion KRW in 'Logistics-Only Export Voucher'... "Up to 14 Million KRW per Company"

Support for Logistics Costs up to 14 Million KRW for Over 800 SMEs
Applications Open on the 24th, Real-time Payment Method

Busan Port, the forward base for exports. Photo by Yonhap News

[Asia Economy Reporter Kim Heeyoon] The Ministry of SMEs and Startups announced on the 23rd that it is recruiting companies to participate in the ‘Logistics-Only Export Voucher’ program worth 11.9 billion KRW to help small and medium-sized enterprises (SMEs) overcome logistics difficulties.

Exporting SMEs can apply for the logistics voucher online through the logistics-only export voucher website starting from the 24th.

Previously, in response to the international logistics crisis where sea freight rates increased fivefold and air freight rates tripled, the Ministry of SMEs and Startups urgently allocated 10.9 billion KRW in the 2021 supplementary budget to establish the logistics voucher.

With emergency support for logistics costs, 1,080 SMEs were able to continue exporting despite the logistics difficulties. It was found that companies participating in the logistics voucher program saw a 28.5% increase in export performance in 2021 compared to the same period the previous year.

This year as well, SMEs that incur international logistics costs of 200,000 KRW or more can receive support for 70% of the incurred logistics costs, up to a maximum of 14 million KRW.

In particular, this year’s logistics voucher program will operate on a continuous actual payment basis of 70% of logistics expenses, rather than a selection evaluation method, to provide quick and simple logistics cost support.

SMEs can apply for the logistics voucher whenever international logistics costs occur. Only disqualification criteria and proof of logistics cost expenditure will be reviewed, and companies can receive support for 70% of logistics costs spent up to a limit of 14 million KRW per company.

Kang Gisung, Director of the Global Growth Policy Division at the Ministry of SMEs and Startups, said, “We will strive to ensure that logistics costs are timely supported to companies that actually bear the logistics expenses so that SMEs can continue exporting without being shaken by external crises such as the international logistics difficulties.”