South Korea to Provide Extra 23 Trillion Won in Financing for Export Companies


The Financial Services Commission (FSC) of South Korea announced on Wednesday a set of measures to help the export sector, which has been suffering from a sharp decrease in exports due to weak demand for semiconductors and a global economic slowdown. The package includes 23 trillion won (US$17.2 billion) of additional financial aid for export businesses.

The government and policy lenders have already provided 41 trillion won and 16.7 trillion won of financial assistance to the export sector this year, respectively. The new measures will include 3.3 trillion won for companies trying to enter new markets, 300 billion won for firms that secure large-scale overseas contracts, 500 billion won to address supply chain issues and trade restrictions, 11 trillion won for strategic export industries, and 5.4 trillion won in loans from the top five commercial banks with low borrowing costs.

The FSC hopes that with the sufficient supply of export finances and reduced pressure for financial help, the country’s exporters will be able to restore their export levels and strengthen their competitiveness in the medium to long term.

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