JEJU-DO < invest Korea

According to Yonhap News,

Jeju Province will open a website for export companies and provide subsidy for buyer invitation and logistics costs to boost export.

Jeju said on February 10th that it would open a website for direct trade between export companies and buyers within this year.

The website will be equipped with customs clearance and payment systems and provide various information on export companies, products, overseas market trends, and provincial projects to support export companies in Korean and English.

The Province will provide the total airfares to companies which invite buyers and the total booth rental fees and 50% of airfares and interpretation charges (for up to two people) for companies which attend an international export expo.

Also, Jeju will grant premiums (up to KRW 8 million per company annually) for one of five insurances such as foreign exchange risk insurance, short-term export insurance, and export credit guarantees. Export companies can choose one of the insurances.

Jeju will support the logistics costs of agricultural export.

The subsidy amount will be KRW 100 per kilogram of tangerines for shipment and KRW 200 for aviation, and KRW 100 per kilogram of flowers for shipment and KRW 240 for aviation. Processed food products will receive KRW 125 per kilogram for shipment and KRW 200 for aviation.

Jeju Province plans to attract Jeju offices of the Korea International Trade Association and KOTRA, and nurture flagship export companies to achieve its export goal of USD 400 million this year, USD 450 million in 2012, USD 600 million in 2013, and USD 800 million in 2014.

Source Text

Source: Yonhap News (Feb. 10, 2011)

**This is an English translation of a Korean news article.