Busan City Responds to Soaring International Maritime Freight Rates... Support Measures for Exporting SMEs Promoted

Support Measures for Export Companies Facing Challenges Such as Soaring International Maritime Freight Rates

Busan Metropolitan City has established and is implementing the "Customized Trade Support Measures for Busan Export Companies" as an export support policy for local small and medium-sized export companies that have recently been struggling due to the sharp rise in international maritime freight rates.

Busan City Hall.

This is a proactive response by the city, linked to the government's step-by-step response manual, currently at stage 2, in reaction to increased logistics costs.

The main contents of the support measures include: ▲ New support for overseas logistics costs for small and medium-sized export companies ▲ Expanded voucher support for SMEs facing export and import difficulties ▲ Active promotion of the dedicated shipping space support project for SMEs ▲ Operation of a damage report center for export and import companies, among others.

First, to alleviate the logistics cost burden for small and medium-sized export companies, the city will newly implement the "Overseas Logistics Cost Support Project for Export SMEs." This project will support 90% of overseas logistics costs for local companies, with a maximum of 3 million KRW per company.

Applications will be accepted in June, and companies wishing to receive support can apply online through the integrated overseas marketing support system in the future.

Next, to address the business difficulties of local export and import companies caused by the unstable global trade environment, the "Voucher Support Project for SMEs Facing Export and Import Difficulties" will be expanded. Starting in June, the support limit will be raised to 90% of export activity costs, up to a maximum of 3 million KRW per company (previously 80%, up to 2 million KRW).

The "Voucher Support Project for SMEs Facing Export and Import Difficulties" is a program that provides support for export marketing and translation/interpretation costs to companies importing raw materials for export purposes and to small local SMEs.

For more details, please refer to the announcement posted on the city's integrated overseas marketing support system or contact the Busan Economic Promotion Agency.

Additionally, the city plans to actively promote the "Additional Dedicated Shipping Space Support Project for SMEs," implemented by the Ministry of Trade, Industry and Energy to address logistics challenges in the Red Sea region, through the integrated overseas marketing support system and related agency websites, so that more companies in Busan can benefit.

Furthermore, since last May, the city has been operating the "Export and Import Company Damage Report Center" to receive reports of damages from local export and import companies, monitor the handling process, and regularly hold meetings with related agencies to listen to the difficulties of local companies and share export trends, thereby actively responding to the global trade crisis.

The Export and Import Company Damage Report Center is located within the Busan Export One-Stop Center.

For inquiries about export and import support systems or to report damages, you can visit the center (3rd floor, Busan Economic Promotion Agency) or call by phone.

Shin Changho, Director of the Digital Economy Innovation Office of the city, stated, "We will provide timely support to local small and medium-sized export companies that are struggling due to the unstable global trade environment and soaring logistics costs, so that these key pillars of the Busan economy will no longer be shaken by crises." He added, "The city will continue to listen more closely to the voices on the ground and actively discover and implement policies that directly help local export companies."