Ministry of SMEs and Startups to Invest 198.5 Billion KRW in This Year's 'Overseas Marketing Support Project'

<2020 Small and Medium Venture Business Overseas Marketing Support Project>

[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups announced on the 8th that it will invest a total of 198.5 billion KRW in the '2020 Overseas Marketing Support Project for SMEs and Startups.'

Through the integrated announcement on this day, various support projects such as joint entry with large enterprises, export vouchers, export consortiums, e-commerce export utilization, and overseas certification acquisition support were introduced. With this year's budget investment, the plan is to support the overseas expansion of more than 12,000 SMEs and startups. To achieve an early recovery in exports, more than 60% of the total budget will be concentrated and executed in the first half of the year.

Global Hallyu events such as KCON will be expanded in cooperation with large enterprises. Additionally, by linking promotional consultation events involving promising consumer goods SMEs, focused support will be provided for overseas market development utilizing Hallyu. KCON is a global Hallyu event that combines Hallyu content with exhibitions of consumer goods products from SMEs.

Support for online export markets will also be diversified. Online exports by SMEs, currently concentrated in the United States, China, and Japan, will be expanded to new southern countries such as Thailand and Vietnam, as well as Hallyu spreading regions like India and Turkey. To foster specialized online shopping malls for consumer goods, the previous uniform support (40 million KRW per company) will be differentiated according to capabilities and expanded up to 100 million KRW.

The Korea Startup Center, which supports the overseas expansion of our innovative companies by connecting with local overseas venture startup ecosystems, will also be expanded. The export consortium project, which supports joint overseas market development among companies, will be promoted in a direction that expands support from the existing manufacturing-centered consortiums to startup consortiums.

This content was produced with the assistance of AI translation services.