Ministry of Trade Industry and Resources

Korea Trade Insurance Corporation (K-sure)

In 2014, the advanced economies are expected to recover thanks to the implementation of favorable monetary policies whereas emerging ones will grow somewhat slowly as their cyclical growth has peaked. On the other hand, the Korean economy is expected to recover thanks to an improved global economy along with increased consumption and investment. The role of trade insurance will therefore be more important in 2014 due to the need for an expanded support platform suitable for growing trade amid the global economic recovery and a greater need for support for SMEs to boost domestic consumption and create jobs. The key words for K-sure in 2014 will be “internal stability," "on-site," and "promoting competitiveness” with a target business volume of KRW 210 trillion for a KRW 6 trillion increase year on year. In particular, the magnification of the SME support volume to KRW 40 trillion will contribute to economic recovery and quality job creation by enhancing the export competitiveness of SME exporters suffering from external and internal difficulties due to tough competition in the global market. On the other hand, the business volume for medium- and long-term financing will be expanded by KRW 5 trillion to KRW 20 trillion to assist Korean firms in winning bids on overseas projects in the plant construction and shipbuilding sectors as well as to cope with the current trend of financing prior to contract award and projects of enormous scale. Firs date2014-12-29

Foreign Investment Incentives

date2014-12-29

FTZ (Free Trade Zones)

There are 13 FTZs in Korea, including seven industrial complexes, five seaports and one airport. * Responsible authorities: MOTIE fo Masan Gunsan Daebul Donghae Yulchon Ulsan Gimjae Busan Port Gwangyang Port No. of firms (foreign) : 34 date2014-12-29

FEZ (Free Economic Zone)

On the ten-year anniversary of the FEZ system, the Korean Government evaluated the past achievements and introduced a Master Plan for Free Economic Zones (Jul 2013), which presents a blueprint for the development of FEZs over the next decade based on an analysis of internal and external environment changes. This plan is expected to enable more systematic and efficient development of FEZs an date2014-12-29

Export Control

An exporter needs to obtain an export license if a product and/or technology involved in the transaction is classified as strategic. All export control-related tasks, including applying for export licenses, can be processed online through Yestrade. The self-classification service enables companies to determine by themselves whether the company’s products or services are subject to control. It should be noted, however, that self-classification for strategic technologies does not hold legal force. Therefore, when applying for export licenses for technologies, only the results of classification conducted by a classification agency (e.g. KOSTI) can be verified as a supplementary document. When a foreign exporter requires a certificate proving the credibility of an end-use/user from an importing party, the importer can apply for an Import Certificate issued by the Korean Government. The government issues Korea Import Certificates to confirm that the supply in question is imported and used by Korea as declared in the contract. date2014-12-29

Compliance Program

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Parts and materials technology development

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Industry Innovation Movement 3.0

* Finances contributed by domestic enterprises to the Business Cooperation Foundation for the purpose of supporting small and medium-sized suppliers (excluding special affiliates). * Association of High Potential Enterprises of Korea, Korea Industrial Complex Corporation, Korea Productivity Center, industry associations (auto, electronics, machinery, petrochemical) (Means) Process/management/ production technology innovation + performance sharing date2014-12-29

Industrial Initiatives for the Creative Economy

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2014-2018 Local Industry Development Plan

date2014-12-29