Kang Kyungseong Vows Prompt Execution of Expanded Budget
to Timely Resolve Corporate Export Challenges
The Korea Trade-Investment Promotion Agency (KOTRA) announced on the 18th that, through the government’s supplementary budget finalized on May 1, it has secured an additional 84.7 billion won for the tariff response voucher program and plans to support around 2,000 more small and medium-sized enterprises (SMEs) and mid-sized companies.
The tariff response voucher system, established by the Korean government in response to the tariff policies of the Donald Trump administration in the United States, is a program that reimburses Korean companies facing export difficulties for part of the costs incurred in activities such as damage analysis, development of response strategies, and exploration of alternative markets, by providing pre-paid vouchers for consulting and related expenses.
Previously, before this supplementary budget, the Ministry of Trade, Industry and Energy and KOTRA had selected 204 companies as the first recipients of the tariff response voucher program, utilizing 9.3 billion won from the original budget.
KOTRA reported that, among the first group of selected companies, those in the auto parts and machinery sectors accounted for 71 companies, or 34.8%, the largest share.
It was found that these companies felt a strong need for specialized tariff response consulting in overseas markets. Companies wishing to participate in the additional round of the tariff response voucher program can apply through the "Tariff Response Package Service" page on the export voucher portal.
Kang Kyungseong, President of KOTRA, stated, "Frequent changes in tariff policies are increasing export difficulties for our companies," and added, "We will promptly execute the expanded tariff response voucher budget to help our companies resolve export challenges caused by tariffs in a timely manner."
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