Gyeonggi Province will urgently inject 10.4 billion KRW to minimize short-term damage to local export companies and proactively respond to changes in the trade environment, following the extension of the mutual tariff suspension with the United States.
On July 9, Gyeonggi Province announced that it had allocated an additional supplementary export support budget of 10.4 billion KRW for urgent responses to tariff risks, expansion of export economic territory, and enhancement of global competitiveness for export companies.
Gyeonggi Province will first provide a total of 7.6 billion KRW to swiftly respond to rapidly changing trade environment risks. Of this, 7 billion KRW will be invested in the Trade Crisis Response Package Support Project. The province will support 900 supply chain-based small and medium-sized enterprises exposed to U.S. tariff policies in sectors such as automobiles, pharmaceuticals, semiconductors, steel, and aluminum, providing export consulting, participation in overseas exhibitions, overseas certification, and logistics costs.
Additionally, 459 million KRW will be allocated to FTA trade support projects, such as dispatching trade environment investigation teams and responding to non-tariff barriers. After dispatching an automotive parts trade environment investigation team to the United States in the first half of this year, Gyeonggi Province will send additional trade environment investigation teams for the electric and electronic, as well as semiconductor sectors, in the second half. The province will also expand specialized consulting, such as supporting essential certification costs for cosmetics companies seeking to enter the U.S. market.
The automotive parts company trade environment investigation team dispatched by Gyeonggi Province to the state of Georgia, USA, is having a discussion with local officials. Provided by Gyeonggi Province
Furthermore, 1.9 billion KRW will be supplied to projects aimed at diversifying export market regions.
Gyeonggi Province will first select 100 promising export companies targeting the United States, China, Vietnam, and India, which have relatively higher trade risks, and provide 1 billion KRW to support these companies' entry into distribution networks.
Additionally, the province will allocate 900 million KRW to support the sustainable growth and competitiveness enhancement of local small and medium-sized enterprises. This budget will be used for overseas certification acquisition support and logistics cost support for export companies. Specifically, 502 million KRW will be allocated for overseas certification acquisition support, and 382 million KRW for logistics cost support for export companies.
In addition, Gyeonggi Province will expand the Gyeonggi Business Center (GBC) to support the global expansion of export companies. The Dallas GBC in the United States is scheduled to open in August, and new centers will be established in Australia and Taiwan in the second half of the year. With these additions, the number of GBCs will increase to 27 locations in 21 countries.
Park Geungyun, Director General of International Cooperation at Gyeonggi Province, stated, "The second half of 2025 will be a critical turning point in determining the direction of U.S. tariff policy. Gyeonggi Province plans not only to implement short-term emergency measures but also to establish a more precise and sustainable export support system," adding, "We hope this will be a turning point for local export companies to secure growth potential despite global trade uncertainties."
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