Gyeonggi-do to Foster 200 Companies with Global Hit Products

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province is set to foster companies that create global hit products. On the 20th, Gyeonggi Province announced that it will nurture a total of 200 global hit product-creating companies by 2022, selecting and supporting 50 companies this year.

To this end, the province is jointly promoting the '2020 Global Hit Product Creation Company Export Support Project' with KOTRA.

Through this project, the province plans to discover promising small and medium-sized enterprises (SMEs) aiming to enter the global market and support the entire process from export preparation to overseas expansion.

The support targets companies whose headquarters or factories are located in Gyeonggi Province and whose export performance in 2019 was less than 20 million USD.

In particular, companies possessing innovative technologies or products, companies with plans to enter countries targeted by the New Southern Policy and New Northern Policy, specialized companies in materials, parts, and equipment, excellent employment companies, and social enterprises will be given preferential treatment during selection.

Selected companies will be assigned dedicated trade experts from KOTRA, who will provide one-on-one customized consulting at each export stage?from export preparation to buyer discovery and customs clearance?considering the company's size and industry comprehensively.

Additionally, companies will receive an 'Export Voucher' worth approximately 23.57 million KRW (including 30% company co-payment), which allows them to select and use desired export support services.

With the provided voucher, companies can freely choose from 5,000 services offered by 1,000 performing institutions, including overseas market research, translation and interpretation, patent and intellectual property acquisition, document preparation agency, promotion and marketing, brand development, overseas sales, legal, tax, and accounting consulting, and design development, and then settle the incurred costs accordingly.

Companies wishing to participate should prepare the relevant documents and apply online through the Export Voucher website (www.exportvoucher.com) or via email (gg.globalhit@gmail.com) by the 4th of next month.

Kim Gyu-sik, Director of Economic Planning at the province, said, "Among the 50 participating companies last year, 34% achieved an increase in export volume, and 24% succeeded in pioneering new markets," adding, "We will support the growth of a total of 200 companies into global hit product-creating companies by 2022."

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