SEOUL: South Korea’s trade ministry will swiftly execute its extra budget secured for supporting export companies facing difficulties due to the prolonging crisis in West Asia, Trade Minister Yeo Han-koo said Wednesday, Yonhap News Agency reported.
The government has earmarked 138.9 billion won (US$94.4 million) in its recently approved 26.2 trillion-won supplementary budget to help export companies mitigate risks amid heightened trade uncertainties caused by the ongoing conflict between the United States and Iran, according to the Ministry of Trade, Industry and Resources.
“Difficulties of export firms are deepening due to persisting risks stemming from the war in West Asia,” Yeo was quoted as saying, while visiting an auto parts export firm in Pocheon, about 50 kilometres north of Seoul.
“The ministry will do its utmost to swiftly execute the extra budget so that export companies can feel the effect of government policies and continue to use all available resources to provide close support until challenges they face are resolved,” he added.
With the supplementary budget, the ministry said it plans to expand its emergency support vouchers and other trade finance programmes to help minimise the Iran war’s impact on Korean companies. – BERNAMA-YONHAP
