Full-Scale Support for Non-Face-to-Face Export Marketing of Small and Medium Enterprises in Medical and Online Education Sectors

Ministry of Trade, Industry and Energy Finalizes Selection of 186 Companies for 'Mid-sized Enterprise Global Support Project'
"Many Domestic Medical Device, Pharmaceutical, Bio, and Remote Online Education Service Companies Selected"

The photo shows the Myanmar Daewoo Sewing Factory of Taepyeongyang Mulsan, the No. 1 premium down manufacturer in Korea. After POSCO acquired Daewoo International, the factory was transferred. (Photo by Asia Economy DB)

[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy and KOTRA announced on the 22nd that they have finalized the selection of 186 companies for this year's 'Mid-sized Enterprise Global Support Project.'

The project is implemented to promote the export-oriented transformation of mid-sized enterprises by supporting overseas marketing for promising small and mid-sized enterprises.

In January, 51 companies (with 4.3 billion KRW support) were selected in the first round, and this time 186 companies (with 16.2 billion KRW) were chosen. The program content was also strengthened to support companies facing export difficulties due to the novel coronavirus disease (COVID-19).

The selected companies receive export vouchers worth up to 100 million KRW per company. They also receive overseas marketing services such as 1:1 export strategy consulting by KOTRA export specialists, local market research, certification and patents, promotion, mergers and acquisitions (M&A), and corporation establishment.

Considering the difficulties in overseas local marketing due to COVID-19, KOTRA's overseas trade offices act as intermediaries for urgent consultations with local buyers. Video consultations and online marketing services are also provided.

The government stated that the selection considered ▲ overcoming export difficulties caused by COVID-19 ▲ preempting future promising markets in response to the 4th Industrial Revolution ▲ discovering companies that are currently domestic market-oriented but have high export potential in the future.

First, many companies in fields such as domestically produced medical devices, pharmaceuticals, and bio products, whose international status has recently risen, as well as companies in the remote online education service sector with high future export potential, were selected.

Companies related to essential daily goods such as food, cosmetics, and clothing, which are relatively less affected by economic fluctuations, will also be selected and supported.

Companies producing advanced technology products such as 5G, IT services, and smart mobility were also included on the list. They plan to actively respond to the 4th Industrial Revolution and the untact era after COVID-19.

Companies that have had a small export ratio and have mainly grown domestically were also included in the support targets to expand the export base.

Among the 186 companies selected this time, 53 companies, accounting for 29%, have an export-to-sales ratio of less than 10%.

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