The Ministry of SMEs and Startups (acting Minister No Yong-seok) announced on the 8th that it will begin the third recruitment phase for export vouchers to support small and medium-sized enterprises (SMEs) impacted by prolonged high exchange rates.
The long-term high exchange rate has increasingly burdened exports, particularly for SMEs that rely heavily on imported raw materials. The rising cost of raw materials has reduced profit margins, intensifying the challenges these export firms face in maintaining competitiveness.
This initiative, with a budget of 47 billion KRW, plans to assist approximately 1,200 companies. Special emphasis will be placed on providing aid to those SMEs significantly impacted by high exchange rates, including additional funding limits for existing voucher participants suffering the effects of currency fluctuations, thereby allowing for a flexible response to market demands.
To enhance the risk management capabilities of export companies, support for trade insurance premiums will be temporarily raised from 10 million KRW to 20 million KRW. This adjustment aims to alleviate the pressures from currency volatility and external uncertainties while ensuring the stable fulfillment of existing export contracts and securing new orders.
The announcement reflects an effort to support export companies struggling to maintain their market positions during adverse external conditions. This is particularly pertinent for those affected by high exchange rates, prioritizing the retention of transactions and minimizing losses over short-term export growth. This support aims to prevent a decrease in exports among SMEs and assist in sustaining a stable export foundation.
Given that this is expected to be the final round of export voucher recruitment for the year, the Ministry is determined to ensure that companies in urgent need can access these benefits in a timely manner. Plans are set to ensure that support is closely aligned with the actual needs of participants to enhance real-world impact.
