Starting August 19, Suwon City in Gyeonggi Province will expand its export support measures for local small and medium-sized manufacturing companies in response to the Korea-US tariff negotiations.
Suwon City announced that it has established a "Tariff Impact Task Force" led by the Director of Economic Policy, which will work jointly with export-related organizations to support businesses.
First, Suwon City will operate a dedicated window to receive reports of damage caused by U.S. tariff pressures. The existing export support programs, which were previously focused on the U.S. region, will be expanded to cover Europe (EU), the Middle East, and other regions.
The export payment method, which previously relied mainly on bank letters of credit, will be simplified to allow for same-day card payments, thereby reducing the burden on companies.
Suwon City will also expand the scale of support for ten projects across four areas currently in operation: financing, export diversification, price competitiveness, and AI (artificial intelligence) trade support. The number of supported companies will increase from 393 to 549, and the supplementary budget will be raised from 2.95 billion won to 3.24 billion won.
The main areas of expansion include: support for simplifying export procedures (from 40 to 100 companies); overseas export insurance support (from 20 to 100 companies); expanded marketing and commercialization support (from 171 to 187 companies); dormitory rental support for workers at Deltaplex resident companies (from 43 to 100 individuals); establishment of an electronic trade office (35 companies); and the introduction of an AI trade office (50 companies).
A Suwon City official stated, "We will provide financial support and implement measures to strengthen export competitiveness in order to minimize the impact that local companies may face due to U.S. tariffs."
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