Exporting SMEs, a Stepping Stone to Enter Overseas Procurement Markets

Full Support for Customized Education, Consulting, and Marketing Utilizing Online Platforms

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Park Young-sun, hereinafter referred to as the Ministry) announced on the 24th that it will support the entry into overseas procurement markets to open new and diverse export routes for small and medium-sized enterprises (SMEs) struggling with exports due to COVID-19 and other factors.

The overseas procurement market is a huge market estimated at $12 trillion, which has the potential to become a new export market for our SMEs. However, due to entry barriers such as lack of information, language limitations, and legal issues, it has not been easy for SMEs to enter. Accordingly, the Ministry plans to provide various supports in collaboration with the Public Procurement Service to help domestic SMEs challenge entry into the overseas procurement market.

First, SMEs will be able to enter the online exhibition hall operated by GoBizKorea, a leading domestic B2B platform. Twenty SMEs specialized in entering overseas procurement markets will be separately selected and supported in producing promotional content using IT technologies such as 3D and virtual reality necessary for entry into the online exhibition hall. The selection of companies will take place from the 24th to the 30th, with preferential treatment given to procurement-specialized companies such as 'G-PASS companies' certified by the Public Procurement Service.

Detailed Project Description

Step-by-step support measures will also be prepared to support entry into the overseas procurement market. Forty SMEs will be selected through a public announcement in August and intensively supported until October. When selecting companies, priority will be given to Public Procurement Service innovative prototype and excellent product companies, as well as K-quarantine companies, to foster future promising industries in the post-COVID-19 era. For selected companies, in the first stage, customized education and specialized consulting will be provided to enhance understanding of the overseas procurement market and assist in establishing overseas market entry strategies. Among the companies participating in the first stage, those with high success potential will receive support for producing marketing kits such as promotional videos and electronic catalogs, followed by buyer matching to enter target markets together.

Non-face-to-face and online overseas expansion support actively promoted by the Ministry, such as video consultation meetings, will also be linked. A Ministry official stated, "Taking advantage of the global recognition of Korea’s excellence in K-pop, K-quarantine, and more, we will support the entry of excellent SME products into overseas procurement markets," adding, "We will actively strive to find new export routes for our SMEs struggling due to COVID-19 and other difficulties."

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