According to media reports, the South Korean steel industry will receive a serious impetus after the Minister of Industry Kim Jong Kwan announced the program of export guarantees for 400 billion South Korean won ($ 286.83 million) to protect the country's steel industry from the influence of high US tariffs. This initiative arose in connection with the fact that the sector is fighting with high US tariffs and a decrease in exports, which threatens both corporate competitiveness and regional economics.
Details of the export guarantee
the minister explained that the new program will be jointly supported the government, financial institutions, political creditors and the steeling people themselves. He described the plan as creating an economic effect, equivalent to support of 400 billion South Korean won, helping the sector to maintain stability, as well as to fight an unfair import of imports.
along with financial support, Mr. Jung-Kwan promised to take additional measures, including number:
- continuation of negotiations with Washington on a decrease in tariff burden.
- more active efforts to block the unfair imports that threaten domestic manufacturers. support to facilitate the economic burden of steel areas.
- Legislative cooperation with the National Assembly to strengthen industrial policy.
At the same time, the government concluded an agreement with Washington to reduce tariffs to 15 percent in exchange for the investment promise Korea in the United States in the amount of $ 350 billion.
