The Seoul Business Agency (SBA) announced on the 6th that it will strengthen support for exports of small and medium-sized enterprises to respond to the tariff and trade policies of the U.S. Trump administration's second term.
To resolve the export difficulties of small and medium-sized enterprises located in Seoul due to U.S. protectionist regulations, the SBA will pursue initiatives such as ▲proactive response to U.S. sanction risks ▲risk mitigation through export diversification ▲support for strengthening export network governance.
First, it will newly support the 'Sanction Compliance Program (SCP)' to proactively respond to the U.S. export sanction risks faced by corporations. This will allow corporations to comply internally with export sanctions and trade regulations and establish a response system. Participating corporations will be recruited starting from the end of April.
Consulting related to exports and customs will also be supported for 100 corporations engaged in exports and imports with the U.S. Regular seminars specializing in export sanctions will also be held. This aims to help corporations recognize the importance of compliance with sanctions and enhance their capacity to respond to sanctions.
The SBA will also launch a market diversification support project to reduce dependence on exports concentrated in the U.S. It will support market development in the Global South, including India, Brazil, and Saudi Arabia, as well as the Commonwealth of Independent States (CIS). To this end, it will operate participation in overseas specialized exhibitions in new markets and market development groups.
Support for corporations utilizing the excellent export network held by the SBA will continue. It will support leading companies going overseas based on public-private partnerships and market development utilizing excellent overseas networks like 'High Seoul Friends,' a core buyer for High Seoul corporations. Furthermore, support for linkage with the Seoul Export Support Council and the Joint Promotion Team for Export Support will be strengthened. In particular, it will assist small and medium-sized enterprises located in Seoul in subscribing to export trade insurance and support participating corporations in receiving tariff benefits.
Lee Jae-hoon, head of the SBA Marketing Department, noted, 'To alleviate barriers that export small and medium-sized enterprises may face due to changes in U.S. trade policy, we will operate various support projects such as the sanction compliance program so that small and medium-sized enterprises can secure competitiveness in the global market.'