Designation of 247 New Specialized Trading Companies in 2021... Support Including Customized Marketing and Export Insurance

Ministry of Trade Industry Awards Certificates to Designated Specialized Trading Companies and Ministerial Commendations to Outstanding Enterprises

[Sejong=Asia Economy Reporter Joo Sang-don] The Ministry of Trade, Industry and Energy and the Korea International Trade Association announced on the 29th that they awarded certificates of designation to 247 newly designated specialized trading companies in 2021 and presented ministerial commendations to outstanding companies. Considering the severe COVID-19 situation, the event was canceled, and the certificates were sent by mail.

Specialized trading companies are export-competent enterprises designated by the Minister of Trade, Industry and Energy since 2014 under the Foreign Trade Act to pioneer new markets, discover new products, and expand exports of small and medium-sized enterprises (SMEs) and mid-sized companies. Specifically, they are traders who meet conditions such as having export performance of at least USD 1 million in the previous year or an average annual export performance of USD 1 million or more over the last three years.

This year, 247 companies were newly designated as specialized trading companies, bringing the total number of specialized trading companies to 332.

In particular, to support export novice SMEs and mid-sized companies struggling with exports due to COVID-19, the designation requirements for overseas Korean companies were relaxed, resulting in a significant increase to 11 newly designated overseas Korean companies compared to last year (1 company).

Additionally, ministerial commendations from the Ministry of Trade, Industry and Energy were awarded to two specialized trading companies with excellent export agency performance: Asia BNC and Ewut Trading.

Asia BNC, which acts as an export agent for cosmetics, supported the export of cosmetics from a domestic SME cosmetics company A to Southeast Asian regions including China, Thailand, and Vietnam, facilitating export agency services worth KRW 30.7 billion last year. Ewut Trading has been operating as a specialized trading company since 2014, acting as an export agent for cosmetics and medical devices. This year, it was highly evaluated for its steady activities as a specialized trading company, including supporting the export of cosmetics worth approximately USD 250,000 from domestic company B to Vietnamese buyers, achieving export agency results of about USD 550,000, and participating in trade consultations.

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