SMEs Ministry Activates Damage Reporting and Policy Fund Support Amid Middle East Crisis: "All-Out Effort to Protect Exporting SMEs" [US Iran Airstrike]

Damage Reports Accepted at 15 Export Support Centers Nationwide
Task Force Led by Vice Minister Noh Yongseok to Launch on March 3

The Ministry of SMEs and Startups announced on March 1 that it has activated a nationwide system for receiving reports of damages in order to minimize losses suffered by small and medium-sized enterprises (SMEs) due to heightened uncertainty in the Middle East. The ministry also stated that it will implement tailored response measures, including providing policy funds.

Since February 28, the ministry has been accepting reports of Middle East-related damages through the Export Support Center website and 15 regional export support centers nationwide. It has also established a collaborative system with 11 relevant partner organizations, including the Korea Federation of SMEs, to identify challenges faced by businesses in real time.

For affected companies, policy funding and guarantees will be provided promptly. In particular, for businesses experiencing logistics disruptions or cash shortages, the ministry plans to increase the limit for international shipping cost support through export vouchers and to work with logistics companies to offer alternative logistics options.

On March 3, First Vice Minister Noh Yongseok will preside over a meeting of the “Middle East Situation Response Task Force for SMEs and Startups” to conduct a detailed review of export impacts by product and by region. If the situation persists for an extended period, the ministry plans to expand monitoring to the entire Middle East region and prepare additional financial support measures.

As of last year, exports from Korean SMEs to Israel amounted to 390 million dollars (0.3% of the total), while exports to Iran were 140 million dollars (0.1%).

Vice Minister Noh emphasized, “We will closely cooperate with relevant ministries such as the Ministry of Foreign Affairs and the Ministry of Trade, Industry and Energy to thoroughly monitor the damage suffered by exporting SMEs and focus on providing tailored responses.”

This content was produced with the assistance of AI translation services.