Korea revives trading firms to boost exports

By Choi Sung-jin

The government will help large manufacturers set up special trading companies to revive the export boom of decades ago, led by general trading companies. 

"We will designate 100 new STCs that do export business on behalf of small-and medium-sized enterprises (SMEs), within this year," the Ministry of Trade, Industry and Energy said. 

The ministry introduced the system last year and 167 STCs are now operating, but most are too small to do global business, a ministry official said. 

The newly designated ones should have global business networks, the official said, adding that the ministry would take into account the applicants' legal qualifications, export volume, ability as export agents, lines of business and market shares. 

"The government will provide information on promising SMEs for the new STCs, as well as financial support in proportion to their performances as export agencies," he said.