Minister Sung Yun-mo of the Ministry of Trade, Industry and Energy delives a speech at a meeting of taking the stock of the Korean trade industry at the K-sure building in downtown Seoul on Nov. 1.

The government promises to mobilize all resources available to rejuvenate exports, which recently logged negative growth for the 11th consecutive month.

The government plans to inject 60 trillion won in trade financing for the fourth quarter to change exports to positive growth, while concentrating on supporting 84 overseas marketing events, such as overseas fairs and trade delegations, which will target 3,524 companies by the end of the year.

The public and private sectors will plunk down 350 trillion won to nurture three core future growth engine industries: system semiconductor, bio/health, and future car.

The government will pour 2 trillion won in implementing the Alchemist Project to challenge industrial questions whose solution technologies are considered transformative for the future technology landscape.

These steps were taken following a meeting of taking the stock of the Korean trade industry, presided over by Minister Sung Yun-mo of the Ministry of Trade, Industry and Energy at the K-sure building in downtown Seoul on Nov. 1.

Initially, the government plans to provide 60 trillion won in trade financing. It plans to increase special guarantees based on export contracts from 50 billion won this year to 200 billion won next year.

The import risk cap of short-term export credit insurance for companies entering mainstay markets and emerging markets by the end of this year will increase from the conventional two-fold to a. 2.5-fold.

A 10 percent import risk cap of short-term export credit insurance for companies entering mainstay markets and emerging markets, which is to expire by the end of the year, will be extended to the 1st quarter of next year. One trillion won in support for state development projects in the Middle East and emerging countries will be inaugurated to rejuvenate sagging plant exports.

A view of a meeting of taking the stock of the Korean trade industry in which the government took steps to mobilize all resources available to rejuvenate sagging exports. (Photos: MOTIE)

The government plans to ramp up financial support for SMEs to 8.2 trillion won. Support for SMEs’ participation in overseas fairs and export delegations will increase more than 10 percent to spur SME’s entry into emerging markets.

In order to shore up self-sufficiency in raw materials, parts and equipment industries, which are badly needed in the wake of Japan’s export curbs on Korea, the government has inaugurated a 300 billion won in special guarantees for substituting imports and export vouchers for the respective industries.

The public and private sectors plan to invest more than 350 trillion won to nurture the system semiconductor, bio-health and future car fields with the MOTIE taking the initiative.

They also plan to invest 8.4 trillion won in R&D for the development of the industry and the hydrogen industry over the next 10 years.

MOTIE Minister Sung said, “The current government, making a fresh start after passing the half way point, looks back at the past two and half years at a cool-headed fashion and important outcomes will be further built up and insufficient things will be supplemented in a dramatic and swift manner.”

Meanwhile, President Lee In-ho of Korea Trade Insurance Corp.(K-sure)said at his speech at the National Assembly Trade, Industry, Energy, SMEs and Startups Committee on Oct. 10 K-sure offered trade financing worth 149 trillion won last year and trade financing worth 107 trillion won in the first eight months of the year so Korean exporters can export products without worrying about not being paid.