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South Chungcheong Prov. to run an online trade counseling service

According to Yonhap News,

South Chungcheong Province is embarking on a new service, helping local businesses break into the global market to be in keeping with changing consumer trends, highly affected by the recent coronavirus epidemics.

The local authorities are setting to support untact marketing projects along with two other sponsors – Korea Trade-Investment Promotion Agency (KOTRA) and Korea International Trade Association (KITA), making use of overseas offices a venue through which entrepreneurs can join virtual meeting, as part of online trade counseling programs.

KITA reports that the province is now observing soaring demand for health aid supplements such as Korean jinseng or red jinseng, known to be an immune system booster in the midst of the COVID-19 crisis.

In China, the early epicenter of the pandemic, the virus is now driving shift to online grocery shopping on mobile platforms. Italy, where the confirmed cases are skyrocketing, is reportedly relying increasingly on e-commerce to purchase medical supplies and cosmetics.

Taking the consumption patterns into consideration, the provincial authorities are planning to run online trade counseling service with 120 KOTRA KBCs until they put the outbreak an end. Plus, they also joins “online sale platform”, driven by the agriculture ministry, as part of supportive measures to help local agro industry enter into online sales channel to reach out to global buyers.

Apart from the programs, authorities slash loan rates, allowing agri-food traders to take out low interest rate corporate loans (0.7%) within the limit of KRW 200 million.

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Source: Yonhap News (Mar. 19 , 2020)

*This article was translated from Korean.

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