Ulsan Metropolitan City is deploying 10 billion won ($7 million) in emergency funding to support local small and medium-sized exporters struggling amid escalating Middle East tensions. The preemptive measure aims to minimize damage to Ulsan's industry, which relies heavily on international trade, as the Middle East economic crisis shows signs of prolonging.
The city will hold an "Economic Situation Review Meeting on Middle East Response" at City Hall on the afternoon of the 10th, chaired by Mayor Kim Du-kyeom. The centerpiece of the initiative is the newly established "SME Development Fund for Trade Change Response," a 10 billion won package designed to ease liquidity strains at export-oriented small and medium enterprises. City officials project the support will provide critical relief to local companies facing cash flow difficulties from surging global oil prices, logistics disruptions, and volatile exchange rates.
Approximately 20 participants are expected to attend the meeting, including city officials, representatives from economic and industrial agencies, and executives from regional conglomerates and SMEs. The city plans to pursue customized corporate support policies with urgency.
Alongside the large-scale financial support, a comprehensive emergency response system will be activated. The city will establish a "Middle East Situation Emergency Economic Response Task Force" headed by Vice Mayor for Economic Affairs Ahn Hyo-dae to strengthen regional economic crisis management capabilities. Additionally, the city will substantially expand existing trade support programs—including export-import logistics subsidies, export insurance and guarantee fee assistance, and overseas certification acquisition support—to reduce operational burdens on exporters.
Measures to stabilize consumer prices will also be implemented. The city plans to concentrate administrative resources on price stability management, including enhanced monitoring of gas station prices and joint inspections, to prevent international oil price increases from driving up local consumer prices.
