BUSAN < invest Korea

According to Yonhap News,

(BUSAN=Yonhap News) On April 2, the city of Busan announced it will provide export credit insurance and export premium subsidies for auto parts and shipbuilding companies that are in crisis.

This is a new venture that the city is undertaking with an additional budget of KRW 200 million for the project.

The Export Credit Insurance Support Program will provide up to 70% of the KRW 5 million guarantee required to obtain the Korea Trade Insurance Corporation export credit insurance, which companies need to take out loans.

The city of Busan expects KRW 30 billion in subsidies will go towards local export companies as part of the project.

Every year, the city carries out projects to provide export premium subsidies to SMEs, but this year, it added KRW 200 million to the budget to give additional support to crisis industries, securing a total budget of KRW 400 million.

Up to KRW 2 million in export premium subsidies per company will be available for 100 SMEs that recorded less than USD 20 million in export profits last year.

joseph@yna.co.kr

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Source Text

** This article was translated from Korean.

Source: Yonhap News (Apr. 02, 2018)