Seoul: Emergency export vouchers and financial aid packages will be provided to small and medium-sized enterprises (SMEs) with exports to the Middle East starting next week to minimize damage stemming from an ongoing regional crisis, the industry ministry said Thursday.

According to Yonhap News Agency, the Korea Trade-Investment Promotion Agency (KOTRA) will operate an emergency export voucher program for SMEs with Middle East exports from Wednesday. This initiative aims to reduce the financial burden on companies facing return shipping costs and war-risk surcharges.

Further, KOTRA will expand marketing support to help South Korean companies find alternative markets and buyers to mitigate risks amid ongoing U.S. and Israeli attacks against Iran.

Separately, Korea Trade Insurance Corp. will offer an emergency financial aid package to SMEs exporting to countries around the Strait of Hormuz, including the United Arab Emirates, Saudi Arabia, Iraq, Qatar, and Iran.

The ministry stated it will work to minimize risks for Korean companies amid heightened uncertainties in the Middle East, while cooperating with relevant authorities to respond to the possible prolonging of the crisis.