Gov't to expand overseas exhibitions to support local companies

SEOUL, June 7 (Yonhap) -- The government said Sunday that it will expand support for overseas exhibitions in order to help South Korean companies bolster outbound shipments of locally made goods.

The move calls for allocating an additional 5 billion won (US$4 million) to help
500 companies take part in 22 foreign industrial fairs held this year, the
Ministry of Knowledge Economy said.
The funds come from an extra budget passed by parliament in late April and will
bring the total size of funding to help overseas marketing efforts to 82.3
billion won.
"Support covers leasing of exhibition space and related equipment, transportation
costs and other business related expenses," a government official said. He said a
maximum 70 percent of expenses could be covered by the government.
He added that greater participation by local companies in such exhibits as the
Outdoor Retailers Trade Show, Bio Europe, Public Health 2009 and the
International Contract Services Exhibition could boost exports by $2.45 billion.
The measures come as South Korea tries to push up exports in the face of the
worldwide economic slump that has negatively affected demand for locally made
goods.
Authorities said despite some signs of improvement, the country's exports will
contract 16 percent on-year to US$345.5 billion this year compared to over $422
billion in 2008.
Imports are expected to drop 21 percent vis-a-vis the previous year to $233.9
billion.
In the first five months of this year exports reached $133.3 billion, with
imports topping $118.8 billion for a surplus of just under $14.5 billion.
The ministry in charge of trade promotion and industrial policies said companies
wanting to receive state support can receive related information via its Internet
homepage (www.gep.or.kr).