Gyeonggi Province Governor Kim Dong-yeon met with export-oriented small and medium-sized enterprises (SMEs) and promised, "In the rapidly changing international environment, including the second Trump administration, Gyeonggi Province will establish an export breakwater."
Governor Kim attended the 'Gyeonggi Province Export SME On-site Meeting' held on the 20th at Yesun Tech Co., Ltd., a manufacturer of high-performance adhesive films for automobiles and displays located in Gunpo City, and made these remarks.
The meeting was organized to listen to the export difficulties of SMEs in the province and to confirm active support at the Gyeonggi Province level for stable operations. Nine promising export SMEs, including Daemo Engineering Co., Ltd., Hanbo Electric Co., Ltd., Samsung STS Co., Ltd., Yulchon Co., Ltd., Hanshin Electric Co., Ltd., Selbycell Co., Ltd., Parpharm Co., Ltd., and Myungshin Trading Co., Ltd., attended.
Governor Kim said, "The country is very unsettled. Politics is disappointing the people and pushing the economy into a very difficult situation. From the perspective of someone who has overseen Korean economic policy for a long time, it is very frustrating and regrettable. I am worried that South Korea's exports will face significant threats due to changes in the international environment, including tariff measures by the second Trump administration. That is why I came today to hear your voices," explaining the background of the meeting.
He continued, "Gyeonggi Province recently made recommendations for emergency management measures in South Korea, one of which is to establish an export breakwater. We have strengthened FTA consulting, tariff refund consulting, and the Export Difficulty Integrated Support Center, and we are preparing to send a trade environment investigation team to the United States. To diversify exports, we plan to increase the number of GBCs (Gyeonggi Business Centers) and expand G-FAIR. We are also doing our best to create safety nets such as exchange fluctuation insurance to support foreign exchange losses," he emphasized.
Gyeonggi Province Governor Kim Dong-yeon is attending the 'Gyeonggi Province Export Small and Medium Enterprise On-site Meeting' held on the 20th at Yesun Tech Co., Ltd., a manufacturer of high-performance adhesive films for automobiles and displays located in Gunpo City, and is talking with export company representatives. Photo by Gyeonggi Province
The 'export breakwater' proposed by Governor Kim includes ▲temporary abolition of import tariffs on raw materials for export ▲removal of limits on trade insurance and exchange fluctuation insurance support for export SMEs and mid-sized companies, providing unlimited support ▲granting subsidies equivalent to those for foreign-invested companies for advanced production facilities and R&D investments in strategic export industries.
Governor Kim further added, "Another major concern is South Korea's future growth engines. We are thinking a lot about which fields South Korea will achieve economic growth, leap forward, and new prosperity in the future. More than anywhere else, Gyeonggi Province intends to take the lead and join forces with export entrepreneurs," he added.
Gyeonggi Province supports customized services for local companies such as FTA utilization consultation, education, and consulting through the Gyeonggi FTA Trade Promotion Center.
In particular, in response to the launch of the second Trump administration, the province is actively responding by dispatching a trade environment investigation team to the U.S. and supporting exchange fluctuation insurance premiums. Additionally, the Gyeonggi Business Center (GBC), which serves as a comprehensive export support platform for SMEs in the province overseas, will be expanded from 19 locations to 6 additional locations this year, including Dallas, USA.
Furthermore, Gyeonggi Province plans to realize export market diversification for local companies through the expansion of the Korea Excellent Products Exhibition (G-FAIR), the Middle East new market export consultation meeting, and overseas emerging market comprehensive exhibitions. It is also considering expanding support for local SMEs' participation in overseas exhibitions.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
