Supporting 1000 Exporting SMEs with Customized Overseas Marketing

Recruitment of Companies Participating in Overseas Marketing Support

[Asia Economy Reporter Kim Cheol-hyun] The government is strategically supporting overseas marketing for promising post-COVID companies such as BrandK enterprises, global small giants, and face-to-face venture startups.

The Ministry of SMEs and Startups (Minister Park Young-sun, hereinafter referred to as the Ministry) announced on the 31st that, together with the Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) and the Korea Institute for Advancement of Technology (President Seok Young-chul), it will recruit the third round of participants for the 2020 Export Voucher Project to support SMEs' entry into overseas markets.

The Export Voucher Project issues vouchers to support domestic and export SMEs in using customized overseas marketing services suited to their scale and capabilities. In this third round, approximately 34.6 billion KRW worth of support will be provided to about 1,000 companies.

All SMEs under the Framework Act on Small and Medium Enterprises are eligible to participate. Recruitment is divided into 'Growth Vouchers,' which support export growth stages, and 'Innovation Vouchers,' which strategically support innovative growth and promising post-COVID companies. Innovation Voucher targets include BrandK enterprises, global small giants, non-face-to-face venture startups, smart manufacturing innovation companies, and companies located in regulatory free zones.

In particular, the Ministry plans to give preferential support to companies that have maintained or expanded employment despite the difficult environment caused by COVID-19, as well as companies engaged in win-win cooperation with large corporations through the 'Caring Companies' program.

Companies finally selected for the Export Voucher Project will receive export vouchers ranging from 30 million KRW to a maximum of 100 million KRW, depending on their export scale in the previous year. These companies can freely select and use various overseas marketing support services necessary throughout the export process?such as country-specific export strategies, design, promotion, exhibitions, and certification?within the voucher limit through authorized implementing agencies.

Applications for this third round can be submitted online via the Export Support Infrastructure Utilization Project website from June 1 to 19. Evaluations will be conducted mainly non-face-to-face instead of on-site, depending on the regional COVID-19 spread. For more details, refer to the announcement on the Export Support Infrastructure Utilization Project website or the Ministry of SMEs and Startups website.

A Ministry official stated, "The competition rate for the first and second rounds this year was 3.4 to 1, showing strong determination from companies striving for overseas expansion despite the recent difficulties caused by COVID-19," adding, "We will continue to support the Export Voucher Project to promote the global advancement of SMEs."

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