"Heartless Corona"... Cancellation of 'Overseas Civil Network' Event

Workshop and Matching Consultation for Over 700 Domestic and International Small and Venture Entrepreneurs
Planned as a 2-Day Event in Seoul This Month but Canceled
COVID-19 Also Closes Overseas Expansion Paths for SMEs and Ventures

[Asia Economy Reporter Kim Daeseop] The '2020 Overseas Private Network Workshop and Matching Consultation,' which was scheduled to be held this month in Korea with around 700 participants including domestic and international small and medium venture business representatives, has been canceled. The spread of the novel coronavirus infection (COVID-19) has caused setbacks in support measures for domestic small and medium venture companies to enter overseas markets.

According to the Small and Medium Business Corporation on the 2nd, the operation service for the Overseas Private Network Workshop and Matching Consultation, which was planned to be held over one night and two days at a hotel in Seoul this month, was canceled on the 30th of last month due to COVID-19. This event is held annually as part of international exchange and cooperation to help open overseas sales channels and support exports by utilizing overseas private networks.

This year's Overseas Private Network Workshop and Matching Consultation had been prepared with various programs over two days, including business presentations, case sharing, and individual matching consultations with small and medium venture companies selected for the overseas branch project.

In particular, at the matching consultation, 130 overseas private network companies and participating companies selected for the overseas branch project were scheduled to gather in one place for one-on-one individual consultations. Through these consultations, participating companies could directly select overseas private networks tailored to their individual company characteristics and receive customized consulting necessary for entering overseas markets for one year after signing contracts.

The overseas private network consists of overseas local consulting specialist companies possessing marketing and consulting capabilities necessary for small and medium venture companies to enter overseas markets and export. Currently, 130 companies operate in 37 countries. The overseas private network is designated as the executing agency for the government's overseas branch project, supporting participating companies with market research, buyer discovery, export contracts, technology partnerships, corporation establishment, and entry into local distribution networks.

Since 2001, the Small and Medium Business Corporation has supported a total of 4,927 small and medium venture companies using the overseas private network until last year. Through this, it has generated results including $6.9 billion in exports, 367 local corporation establishments, and $54 million in investment attraction.

The Small and Medium Business Corporation had planned to actively support the globalization of 370 small and medium venture companies this year, but with the cancellation of the key event, the Overseas Private Network Workshop and Matching Consultation, concerns arise over setbacks in the government's overseas branch project schedule.

The overseas branch project supports export and overseas expansion by acting as a local branch for small and medium enterprises and mid-sized companies that lack the capacity to establish branches overseas. This project is under the jurisdiction of the Ministry of Trade, Industry and Energy and is carried out by three organizations: the Small and Medium Business Corporation, KOTRA, and the World Federation of Overseas Korean Traders Associations.

A representative from the Small and Medium Business Corporation said, "The Overseas Private Network Workshop and Matching Consultation has been held annually in the first half of the year, but this year it could not be held due to the impact of COVID-19," adding, "A strategy is needed to utilize the overseas private network as a local private base and foothold to help small and medium venture companies enter overseas markets."

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