South Korea will provide emergency export vouchers and financial aid packages to small and medium-sized enterprises (SMEs) exporting to the Middle East, starting next week. This initiative aims to minimize potential damage resulting from the ongoing regional crisis, according to the Ministry of Trade, Industry and Resources on Thursday.
The Korea Trade-Investment Promotion Agency (KOTRA) will launch an emergency export voucher program for SMEs involved in Middle East exports, beginning Wednesday. This program will alleviate the financial strain on companies facing return shipping costs and war-risk surcharges, as stated by the Ministry of Trade, Industry and Resources.
To further mitigate risks associated with ongoing US and Israeli actions against Iran, KOTRA will also enhance marketing support. This will help South Korean companies identify and access alternative markets and buyers.
In addition, the Korea Trade Insurance Corp. (K-SURE) will offer an emergency financial aid package specifically for SMEs exporting to countries bordering the Strait of Hormuz. This includes the United Arab Emirates, Saudi Arabia, Iraq, Qatar, and Iran.
