Chungcheongnam-do is significantly increasing its trade insurance support for exporting companies in response to recent US tariff measures. This initiative follows Governor Kim Tae-heum's announcement on April 14th of the province's emergency response plan to these measures. The support will now cover 1,350 companies, a substantial increase from the initial 350.
The collaborative effort between the Korea Trade Insurance Corporation (K-SURE) and Chungnam Techno Park aims to alleviate the financial burden on exporting companies related to potential non-payment of export proceeds, exchange rate fluctuations, and overseas buyer creditworthiness. Applications for this expanded support program opened on May 1st.
Small and medium-sized enterprises (SMEs) and mid-sized companies with an annual export volume of less than $50 million and with headquarters or factories located within Chungcheongnam-do are eligible for support. This includes coverage for export-import insurance premiums, export credit guarantee fees, and overseas buyer credit investigation costs.
Specifically, the export-import insurance premium support program provides up to 3 million won per company annually, covering 100% of insurance premiums for K-SURE's short-term export insurance, exchange rate fluctuation insurance, and import insurance on a first-come, first-served basis.
Additionally, the province will fully cover export credit guarantee fees and the costs associated with credit investigations, including buyer credit ratings, financial information, and insurance claim history.
This support is expected to provide a safer export environment for local SMEs and mid-sized companies, enabling them to expand into overseas markets without the worry of unpaid export payments and enhancing their global competitiveness.
Companies wishing to apply can do so through the 'Chungcheongnam-do Online Export Support System' (https://cntrade.chungnam.go.kr/) or the Korea Trade Insurance Corporation website (https://on.ksure.or.kr/).
A provincial official stated, "We will continue to actively reduce various risks that may arise in the export process in response to the rapidly changing international economic market and provide support so that companies can safely explore overseas markets. We hope for much interest and participation from companies preparing to export."
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