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



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Inception date: 19 Jan 2012 | Removal date: 18 Jan 2013

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