Ministry of Science and ICT Announces Contest to Support Overseas Expansion of ICT Companies... 80 Selected

[Asia Economy Reporter Eunmo Koo] The government is supporting the overseas expansion of domestic information and communication technology (ICT) companies. The strategy is to help capable companies enter overseas markets and spread the achievements of the Digital New Deal.

The Ministry of Science and ICT announced on the 15th that it will open recruitment for participating companies in the "2021 Overseas Expansion Support Project" on the 16th and plans to accept applications from companies starting in March to support the successful global expansion of ICT-based innovative technology companies.

This project will select a total of 80 companies, divided into ▲Target Region Specialization (50 companies) and ▲Overseas Expansion Growth (30 companies), according to the companies' readiness for overseas expansion.

Companies selected for this year's overseas expansion support project will receive management consulting in areas such as legal, patent, accounting, and marketing for overseas expansion through professionals including lawyers, patent attorneys, and accountants. Customized consulting from local specialized institutions in the desired overseas regions will also be provided. Additionally, support will be offered for a 1:1 matching program with domestic companies for technology verification requested by overseas large corporations and international organizations, opportunities to participate in various seminars such as investor presentations for overseas investment attraction, business meetings with overseas corporate venture capitalists, networking events with global partners, and expert lectures.

Furthermore, specialized support programs will be operated according to the stage of the company's overseas expansion preparation. For companies that have launched products or services in the market, the Target Region Specialization program will provide local market verification consulting based on demand in local markets such as the United States, Europe, China, Japan, Southeast Asia, and the Middle East to assist in product verification and development. For companies that have not yet launched products or services, the Overseas Expansion Growth program will assign coordinators for each target country to provide focused growth support including customer analysis, overseas expansion planning, and expert mentoring tailored to each company.

Lee Seung-won, Director of the Information and Communication Industry Policy Bureau at the Ministry of Science and ICT, stated, “Active overseas market development is crucial for domestic ICT companies to grow to a global level,” and added, “The government will actively support the overseas expansion of capable ICT companies to globally spread the achievements of the Digital New Deal.”

Applications will be accepted online through the Born2Global Center website. The Target Region Specialization program will accept applications from March 3 to 31, and the Overseas Expansion Growth program will accept applications from April 1 to 22.

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