ANNOUNCEMENT 19 Jan 2012

In January 2012, the government of Republic of Korea announced a change in financial export support.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE



Press Release, ' 2 ', Ministry for Food, Agriculture, Forestry, and Fisheries, http://www.mafra.go.kr/list.jsp?&newsid=155442372&section_id=b_sec_1&pageNo=1&year=2014&listcnt=10&board_kind=C&board_skin_id=C3&depth=1&division=B&group_id=3&menu_id=1125&reference=&parent_code=3&popup_yn=&tab_yn=N


Inception date: 19 Jan 2012 | Removal date: 18 Jan 2013
Still in force

Trade finance

On 19 January 2012, the Ministry for Food, Agriculture, Forestry, and Fisheries (MIFAFF) announced a fiscal support plan for food products exported in 2012. The ministry stated that it will allocate 576 billion KRW (ca. 525 million USD) to the program with a focus on exporting 25 strategic products.
Of this sum, 76.8 billion KRW (ca. 70 million USD) comes in the form of outright grants to the export-oriented producers. For developing and expanding foreign markets the Ministry has allocated 31.4 billion KRW (ca. 28.6 million USD) for food products and 4.4 billion KRW (ca. 4 million USD) for fishery products. The eligible activities include marketing support, market analysis, and export-oriented research and development (R&D) in food processing. The remaining 41 billion KRW (ca. 37 million USD) shall cover shipment costs including export insurance fees.
Besides the outright grants, 492 billion KRW (ca. 449 million USD) shall be allocated in the form of low interest loans for the same activities.
 
The 25 eligible products are:

  • Fresh foods: Peppers, strawberries, mushrooms, tomatoes, apples, pears, Korean sweet persimmon, roses
  • Processed foods: Kimchi, ginseng, Korean citron tea, noodles, sauces, rice wine,
  • Fishery foods: Seaweed, flatfish, abalone, oyster, sea-cucumber, tuna, true bass, eel, shrimp, ornamental fish

AFFECTED SECTORS

 
012 013 019 042 043 044 212 214 239 242

AFFECTED PRODUCTS

 
030235 030244 030289 030331 030332 030341 030342 030343 030344 030346 030349 030351 030353 030354 030355 030357 030363 030366 030367 030381 030383 030389 030390 030459 030475 030484 030487 030489 030492 030499 030559 030569 030614 030617 030624 030711 030719 030749 030771 030781 030791 030799 060290 070200 080211 080241 080242 080810 080830 081010 081070 090422 121120 121190 210310 210390 220600
(+ 47 more)