COVID-19 Spurs Collaboration Among SME Export Support Agencies... 'Video Consultation' Opens New Market Opportunities

Source: Ministry of SMEs and Startups

[Asia Economy Reporter Kim Daeseop] On the 23rd, the Ministry of SMEs and Startups (MSS) held an 'Online Video Export Consultation' in cooperation with export support organizations to support small and medium-sized enterprises (SMEs) affected by the novel coronavirus infection (COVID-19). Starting with this first event, MSS and export support organizations plan to hold a total of 10 video export consultations by July this year.

This online video export consultation was promoted through collaboration between MSS, the Small and Medium Business Corporation, the Korea Federation of SMEs, and the Korea International Trade Association. It aims to provide focused non-face-to-face export marketing support to 400 domestic SMEs and venture companies affected by the cancellation of domestic and overseas exhibitions due to the spread of COVID-19.

On the day, the Small and Medium Business Corporation and the Korea International Trade Association held online video export consultations at the e-Biz Center in Mokdong, Seoul, and the COEX Startup Branch in Samseong-dong, respectively. Domestic SMEs related to COVID-19 quarantine products, promising consumer goods, and K-Beauty products, along with overseas buyers, participated.

The Small and Medium Business Corporation's video export consultation attracted 38 overseas buyers from 18 countries including China and Vietnam, matching 40 excellent consumer goods SMEs from GoBiz Korea (an online export platform). The Korea International Trade Association's video consultation involved 22 overseas buyers from 9 countries including China and Malaysia.

Kang Seong-cheon, Vice Minister of MSS, visited the COEX Startup Branch on the day. While observing the online video export consultation, Vice Minister Kang emphasized, "Through intensive video consultations in the first half of this year, we will strengthen close support between buyers and matched companies to ensure actual export contracts are concluded."

This online video export consultation divides support targets and target markets among participating organizations to enable efficient 'matching-consultation-follow-up management' between domestic SMEs and venture companies and overseas buyers. MSS plans to invest about 2.6 billion KRW in the export consortium project budget. The Korea Federation of SMEs plans to hold video export consultations in June and July this year.

MSS and export support organizations have established a video conferencing system connecting domestic and overseas locations to support three-party online export consultations among 'buyer-manufacturer-trade expert (interpreter)'. They plan to support customized content production such as local language catalogs, product designs, and product videos necessary for participating companies in the video export consultations.

In particular, considering the characteristics of non-face-to-face video consultations, they also provide logistics cost support services for overseas shipping of product samples. Additionally, each organization links projects such as post-contract support and online shopping mall sales agency support through matching export advisory committee members.

Due to the global spread of COVID-19, major overseas exhibitions and consultation events in the first half of this year were canceled or postponed, causing face-to-face export channels to be disrupted. Furthermore, as the number of countries restricting entry continues to increase, concerns are growing that export difficulties for domestic SMEs and venture companies will be prolonged.

MSS canceled 13 overseas exhibitions scheduled for support in the first half of this year due to the impact of COVID-19. The number of companies canceling exhibition applications reached 430. MSS plans to continuously discover and support the demand of affected companies through regional SME venture business offices' export centers and the Korea Federation of SMEs.

Vice Minister Kang Seong-cheon said, "While large corporations have opportunities to meet buyers through overseas branches, SMEs and venture companies face many difficulties as export exhibitions and consultations have been canceled due to COVID-19. We will actively strive to expand non-face-to-face overseas marketing projects such as online themed halls and item-specific online exhibitions tailored to national and market customer demands to help domestic companies enter overseas markets."

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