Korea’s knowledge economy minister vowed Tuesday to provide policy support to small and medium businesses so that they can reap benefits from the ratified Korea-U.S. free trade agreement.

“That’s why we will launch a trade comprehensive assistance center under the Korea International Trade Association (this month),” said Minister Hong Suk-woo during a luncheon hosted by the American Chamber of Commerce.

The goal of the center, he said, is to provide assistance to Korean businesses that are interested in exporting to the United States, understand the necessary procedures and offer information concerning rules of origin.

This way “they will be able to enjoy even more benefits that guarantee equal and open access to markets,” he said.

He also said the ministry was planning to back joint research projects that would boost clean energy like smart grid technologies, renewable energy and electric vehicles.

“For growth, our push for technology and new outlook on existing industrial convergence, for example, can be good guides for those planning future business strategies,” he said.

Hong stressed that he plans to push his ministry into developing “more bold, challenging and long term” research and development initiative and commented that U.S. companies operating in Korea should take the same approach.

By Yoav Cerralbo (yoav@heraldcorp.com)