Finance Minister Hong Nam-ki says the government will help support exports by establishing a digital trade support platform called U-Trade Hub by 2021.
At the innovative growth strategy meeting on Monday, Minister Hong said the blockchain-based digital platform will integrate various trade related data such as exports, foreign investment and overseas projects from government ministries and institutions like the Korea Trade-Investment Promotion Agency.
This information will be available for exporting companies and help them expand into the overseas market.
At the same time, the export process of procurement, customs, logistics and payment services will be digitalized through AI and big data.
The government says this will help boost e-commerce and cut costs for companies in registering their export data as they won't have to go through licensed customs agents and shipping companies.
The finance minister also said that the government will ease 33 regulations that hinder innovation in new industries and new technologies
That includes the easing of regulations in using industrial collaborative robots and a simpler safety review process for chemical production facilities.
Kim Hyesung, Arirang News.