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S. Korea plans to back up 100,000 beginners in export and local companies with insufficient experience in
exports to increase up its global trade figures to US$ 2 trillion by 2020.
As a way of strategically achieving such big target, the government will nurture the number of
export-oriented small and medium-sized businesses (SMBs) from current approximately 80,000 to 100,000,
stated the Ministry of Knowledge Economy(MKE) in its report on 2012 trade strategies.
The following effective approaches will be came in the forms of increasing subsidies for export consulting,
dispatching more trade expeditions, and selecting model firms(with export targets of five million dollars) and
robust firms(with export targets of $50 million).
Trade insurances for SMBs will be increased from US$ 16.97 billion last year to US $44.5 billion, while
government support for mid to large-sized projects will be increased from US$12 billion to US $44.5 billion.
The trade insurance and the Export-Import Bank of Korea will open up more than 60 percent of their loan and
credit lines with the first half this year, in effort to help domestic exporters overcome external uncertainties.
In a long perspective, Europe’s debt crisis will be calm, and demands from emerging global trade giants will
grow, and FTA pacts with core trading partners will improve trade conditions by the second half, the MKE gave its
reasons for concentrating its resources in the first half.
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