The Ministry of Trade, Industry and Energy of South Korea has announced that it will be injecting 78 trillion won (US$59.7 billion) by the end of the year in the form of trade financing to help exports continue to grow.
October saw South Korea’s outbound shipments increase for the first time in thirteen months due to an upswing in automobile shipments and signs of improvement in the semiconductor sector.
The fund will be raised by state-run institutions, such as the Korea Trade Insurance Corporation and the Export-Import Bank of Korea.
Industry Minister Bang Moon-kyu remarked that the export growth and trade surplus have created a foundation for economic growth in the second half of the year.
In addition to the trade financing, the government is also offering a 50 percent discount on export insurance for small and medium-sized companies until the first half of 2023.
Industry Minister Bang Moon-kyu (3rd from L) speaks during a meeting with executives from businesses, including Samsung, LG, Hyundai and Lotte, on the upcoming Korea Sale Festa 2023 at the Federation of Korean Industries in Seoul on Nov. 7, 2023. The annual festival is scheduled to run from Nov. 11-30 nationwide, offering the largest-ever discounts this year. (Yonhap)
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