To support small and medium-sized enterprises (SMEs) that are expected to be affected by the 15% reciprocal tariff imposed by the United States, the government will inject 4.6 trillion won in funds. The focus is on reducing logistics costs for SMEs and enhancing the competitiveness of key export items.
The Ministry of SMEs and Startups announced the 'Measures to Support SMEs in Response to the Implementation of the U.S. Reciprocal Tariff' during the Economic Relations Ministers' Conference and the Industrial Competitiveness Enhancement Conference held at the Government Seoul Building on the 3rd.
A notable aspect is the strengthening of logistics cost support. The international transport cost support limit for export vouchers will temporarily be increased from 30 million won to 60 million won, and a new 'K-export Logistics Voucher' worth 10.5 billion won will be established by next year to support logistics expenses such as international shipping fees and inland transport fees.
In a survey conducted by the Ministry of SMEs and Startups and the Korea Federation of Small and Medium Enterprises targeting 609 small exporters, companies identified logistics support (73.2%) as the necessary support measure. The Ministry will bolster support for logistics costs based on the survey results.
Strategies have also been developed to enhance the competitiveness of major export items such as cosmetics and fashion. In addition to assisting domestic small enterprises in transitioning to exports, a 'K-Beauty Integrated Cluster' combining 'experience, culture, tourism, and industry' will be created. The plan is to foster items with high growth potential.
The Ministry has also prepared emergency business stabilization funds (300 billion won), emergency funds for responding to trade risks (100 billion won), and funds for supporting entry into new markets (100 billion won). To assist in diversifying exports, the total amount of special guarantees will be expanded from the current 300 billion won to 500 billion won, and the standards for quality corporations to receive policy funding will be relaxed.
A system for providing tariff information, which had been cited as a hurdle by SMEs, will also be established. The Ministry of SMEs and Startups and the Korea Customs Service will collaborate to strengthen the provision of tariff information and in-depth consultations, and they plan to expand customized consulting for affected items such as steel and aluminum derivatives.
In particular, while providing specialized consulting for specific items such as steel and aluminum, incentives will be offered, including preferential treatment in the Index for Cooperative Growth for large companies that assist partner companies in responding to tariffs.
Additionally, the 'K-Brand' intellectual property rights (IP) protection system will be strengthened to address overseas counterfeit goods, and when large and small enterprises jointly advance overseas, up to 1.5 billion won will be supported per project for a maximum of three years.
Minister Han Seong-suk noted, "We will quickly deliver tariff and policy information through all available channels, including associations and organizations, to minimize the export impact of the implementation of the reciprocal tariff, and we will spare no policy support to ensure that domestic SMEs secure export competitiveness through diversification of export items."