Visit to Banwol·Siwha Industrial Complex, the Largest Domestic Industrial Complex
Record High Trade Insurance of 87 Trillion KRW and 2.2 Trillion KRW Export Finance Preferential Support for Small and Medium Enterprises
On the 5th, Andeok Geun, Minister of Trade, Industry and Energy, visited Banwol-Sihwa Industrial Complex, the largest domestic industrial complex housing major industries such as foundry, electronics, machinery, and chemicals, and held a meeting with small and medium-sized export companies to resolve export difficulties.
At the meeting, export support measures for small and medium-sized enterprises, which account for 36% of our exports, including finance, marketing, and overseas certification, as well as institutional support plans for the electric and electronic parts and bioenergy sectors were discussed.
At the event, Minister Ahn said, "January exports, a barometer for achieving this year's record-high export target, showed a double-digit growth rate for the first time in 20 months since May 2022, demonstrating a clear recovery trend," adding, "As the minister in charge of exports, the Export Field Support Group will do its utmost to export even one more dollar."
Before the meeting, Minister Ahn toured the construction equipment production line of Daemo Engineering. He evaluated, "Continuous innovation in manufacturing sites, such as smartification of production processes, is the core of export competitiveness," and added, "Through this, our general machinery industry has shown export growth for 10 consecutive months despite the difficult external environment."
The Ministry of Trade, Industry and Energy plans to focus support on finance, marketing, and overseas certification, which are common export difficulties for small and medium-sized enterprises. To this end, it will supply a record-high 87 trillion won in trade insurance to small and medium-sized enterprises this year and establish preferential export finance products worth 2.2 trillion won within the first quarter for full-scale support. In addition, 56.7 billion won, about 20% more than the previous year, will be supported for the export voucher project that small and medium-sized enterprises can use for marketing and overseas certification. Furthermore, 225 billion won will be intensively invested within the year to expand digital and low-carbon infrastructure within the industrial complex. Along with this, to ensure that the industrial complex can continue to develop as a core export hub, the 'Industrial Cluster Act Amendment,' which will be fully implemented in July this year, will address irrational regulations in three major areas: resident industries, land use, and restrictions on sale and lease.
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