Ministry of Science and ICT "Supporting Domestic ICT Companies in Targeting Overseas Markets"

Ministry of Science and ICT Calls for Companies to Participate in DNA Convergence Products and Services Overseas Expansion Support Project
Full-Cycle Support for Discovering and Connecting Overseas Joint Ventures, Establishment, Operation, and Growth Stabilization

[Asia Economy Reporter Eunmo Koo] The Ministry of Science and ICT announced on the 10th that starting from the 11th, it will open the ‘2021 DNA Convergence Products and Services Overseas Expansion Support’ project to support global cooperative overseas expansion of promising information and communication technology (ICT) companies.

This project is a newly launched initiative to overcome export crises amid the global expansion of non-face-to-face situations due to strengthened protectionism and COVID-19, by establishing joint ventures based on technology matching between domestic and overseas companies, and supporting their settlement and growth in overseas markets. The government plans to promote this project with the goal of establishing 18 new joint ventures between domestic ICT innovative companies and overseas companies capable of technology matching.

Born2Global Center, the project executing organization, is a global business commercialization fostering institution that has been conducting online exchange events with startup fostering institutions worldwide since last year to discover candidate companies for establishing global joint ventures.

Selected companies for this year’s support project will be able to selectively utilize support programs according to the stages of establishing global joint ventures. First, in the joint venture discovery and connection stage, domestic participating companies and overseas companies capable of local business commercialization will be discovered through connections with relevant overseas institutions, and mutual connections for joint venture establishment will be supported through online exchange meetings.

In the joint venture establishment and operation stage, management consulting including legal, patent, accounting, marketing, and public relations necessary for establishing joint ventures will be provided, and customized consulting from over 100 local specialized institutions located in major overseas hubs will also be supported. Additionally, customer verification consulting to validate product and service market suitability targeting potential customers in overseas markets, as well as support for rental fees and overseas travel expenses necessary for establishing and operating local joint ventures overseas, will be provided.

Finally, in the settlement and growth stage of the established joint ventures, opportunities such as non-face-to-face corporate promotion (IR) for overseas investment attraction, connections with innovation technology demand sources such as overseas global companies and corporate venture capital (CVC) led by companies, and support for participation in international organization projects will be offered to support local settlement and growth after joint venture establishment.

Lee Seungwon, Director of the ICT Industry Policy Bureau at the Ministry of Science and ICT, said, “For domestic ICT companies lacking local sales infrastructure to achieve success in overseas expansion, support for global joint expansion through cooperation with local companies is effective,” and added, “The government will actively support overseas expansion through the establishment of joint ventures by domestic ICT innovative technology companies to globally spread the achievements of the Digital New Deal.”

Information on the selection announcement for participating companies can be found on the Ministry of Science and ICT website and the Born2Global Center website, and applications can be submitted via email to the Born2Global Center until the 12th of next month.

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