The government is beefing up efforts to revive slipping exports.
 
During a meeting presided over by Minister of Trade, Industry and Energy Yoon Sang-jick Wednesday, senior officials of around 10 trade-related government agencies announced a set of measures to boost exports.
 
The measures are focused on supporting promising export items such as organic light-emitting diode (OLED) products, cosmetics and medicine as well as on the search for the country’s next growth engines.
 
In particular, local exporters of OLED products will be exempt from tariffs on imported OLED manufacturing equipment. The government will also provide a 20 percent tax deduction on R&D investments in OLED products.
 
In order to foster consumer goods industries, the government will launch a task force. The task force will set up a five-year plan to assist consumer goods companies, including providing tailored support, by the end of this year.
 
The government will also raise the discount rates of trade insurance premiums to up to 50 percent for small- and mid-sized companies with solid track records of exports.
 
Also early next month, the government will hold a large-sized export fair, in which local exporters are introduced to around 500 foreign buyers.