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Korea’s govt to offer various promotions to help exports

Collected: 2016.06.29

Distributed: 2016.06.30

Source: Go Direct

South Korea’s government will pool policy financing worth $25 billion to help local companies to land various procurements and infrastructure orders from Iran and up state payment guarantees for orders from developing countries with low creditworthiness.

The exports promotion programs were listed in the second-half economic policy outline reported to the president on Tuesday. Korea’s exports have been contracting 17 months in a row, undermining export-driven growth.

The government will launch service to help companies venture into less familiar markets like Iran and Myanmar. It will draw up promotion for new growth exports like cosmetics, furniture, and eyewear and boost logistics infrastructure to meet increased demand for fresh fisheries from China.

The government will also expand the grace period for import surtax allowed to companies with an export share of 30 percent to larger traders with external demand of more than 50 percent.

By Seo Dong-cheol

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