Martial Arts, Step-by-Step Customized Support for Companies... Implementation of the 'Export Plus+ Project'

[Asia Economy Reporter Hwang Yoon-joo] The Korea International Trade Association (KITA) will implement the "Export Plus+ Project," a customized comprehensive support package for each export stage, starting from the 2nd, to revitalize the export activities of Korean companies struggling due to the COVID-19 pandemic and deteriorating external trade conditions.

On the 1st, KITA announced that through the "Export Plus+ Project," it will provide domestic companies with a stage-specific tailored support package consisting of 18 types of assistance, including funding, marketing, and consulting.

To this end, a total of 300 companies were selected, 100 companies each for the stages of "First Step in Export," "Leap," and "Recovery," considering their export performance and willingness to participate in the project. In particular, the support program was designed focusing on services with high utilization rates, based on the observation that companies with recent notable export growth actively use KITA’s services.

According to KITA, a survey conducted last year on about 300 companies showed that the utilization of KITA services by companies with increased exports rose by 24.5% compared to the previous year, while companies with decreased exports saw a 3.2% decline in utilization.

The "First Step in Export" group consists of companies with export performance under $100,000 in the previous year. These companies will receive an additional export voucher worth 500,000 KRW on top of the existing maximum of 900,000 KRW, which can be used for translation and interpretation costs, transportation fees, and more. They can also receive support for export commercialization projects linked with related organizations such as KOTRA, the Korea Trade Insurance Corporation, and the Export-Import Bank of Korea. Furthermore, participation in professional trading company consultation meetings and follow-up consulting for contract conclusion after exhibitions and consultation meetings are supported.

The "Export Leap" group, whose exports slightly increased but remained below $2 million last year, and the "Export Recovery" group, which had export growth two years ago with performance between $500,000 and $3 million but experienced a decline last year, will receive greater benefits.

For these groups, the recommended limit for trade promotion funds is raised up to 300 million KRW, and an additional export voucher worth 2 million KRW is provided. Support also includes buyer discovery using KITA’s database of 1.85 million buyers, prioritizing resolution of trade and financial difficulties, and open innovation with innovative startups.

Regardless of the group, all selected companies will be assigned a dedicated export field advisory committee member for visits, receive online trade practical training, full support for export group insurance, access to B2B and B2C e-commerce platforms, participation in online trade practical training, and introduction to trade talents through recommendations from universities participating in the Global Trade Expert Program (GTEP) and industry-academic cooperation companies.

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