Ulsan City "We Lead the Way in Overseas Market Development for Exporting SMEs"

Announcement of Trade Support Measures, 2.2 Billion KRW Invested in 19 Projects

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Ulsan City announced on the 27th that it has established a trade support policy to help local small and medium-sized enterprises (SMEs) expand their exports, including pioneering overseas markets.

The 2023 trade support policy consists of 19 projects in four areas: △support for pioneering overseas markets △export package support by growth stage △overseas marketing support △strengthening capabilities to respond to changes in the trade environment.

The total project budget is 2.252 billion KRW, allocated by project area.

Current Status of Ulsan City's Trade Support Policies.

First, regarding support for pioneering overseas markets, about five overseas trade delegations and market exploration teams will be dispatched to SMEs wishing to enter overseas markets, and participation in about five major overseas exhibitions and fairs will be supported.

Second, regarding export package support by growth stage, customized support will be provided by classifying companies into export beginners, promising exporters, and strong export SMEs according to their export performance.

In particular, active efforts will be made to support the ‘discovery of export beginner companies’ so that domestic companies can grow and develop into promising strong export SMEs.

Third, regarding overseas marketing support, to promote overseas expansion and establish export bases for local SMEs in response to the endemic phase of infectious diseases, international express overseas logistics costs and overseas promotion support for SMEs will be expanded.

Fourth, to strengthen capabilities to respond to changes in the trade environment, support for export insurance premiums, acquisition of overseas standard certifications, operation of multinational family export support teams, and support for university student internships at SMEs will be continuously promoted.

An official from Ulsan City said, “Although there are many export constraints such as the Russia-Ukraine war and the expansion of inflation risks in major countries, Ulsan City and export support organizations will cooperate organically and make every effort to expand exports.”

Last year, Ulsan City supported 1,183 local companies with a budget of 2.374 billion KRW through 21 projects in four areas under the trade support policy, striving to promote exports of SMEs.