KOTRA and 22 Organizations Support Overseas Expansion of SMEs in Materials, Parts, and Equipment

Launch and Business Agreement of the 'So-Bu-Jang Overseas Expansion Council' on the 19th

[Asia Economy Reporter Moon Chaeseok] KOTRA announced on the afternoon of the 19th that it will sign a business agreement for the 'Materials, Parts, and Equipment Overseas Expansion Council' with 21 organizations, including the Convergence Innovation Support Group and the Korea Semiconductor & Display Industry Association, at the Grand Intercontinental Parnas Hotel in Seoul.

Through the council activities, KOTRA, major industry-related organizations, and the Convergence Innovation Support Group plan to respond to the global supply chain restructuring crisis by strengthening the capabilities of domestic small and medium-sized enterprises (SMEs) and mid-sized companies in materials, parts, and equipment, and supporting their overseas expansion. Lee Kyungho, the Materials, Parts, and Equipment Cooperation Officer of the Ministry of Trade, Industry and Energy, also attended the business agreement signing ceremony.

KOTRA's overseas trade offices will deliver the demand from global overseas companies discovered through industry-specific associations and organizations to domestic materials, parts, and equipment companies. The purpose is to establish a mutual cooperation network to provide necessary technical information, consulting, participation in prototype production and improvement projects, investment attraction opportunities, and support for strengthening companies' export capabilities when expanding overseas.

The 22 participating organizations are each responsible for fields such as research and development (R&D), automobiles, aviation, medical devices, biohealth, information and communication technology (ICT), basic materials, home appliances and electrical/electronic components, power plants, machinery and heavy equipment, semiconductors and displays, investment attraction, and overseas expansion. KOTRA is in charge of overseas expansion.

Yoo Jungyeol, President of KOTRA, said, "Materials, parts, and equipment are fields where expertise according to industrial characteristics is very important. We will support the overseas expansion of excellent small and medium-sized and mid-sized companies in materials, parts, and equipment through discovering demand from global overseas companies using KOTRA's overseas infrastructure, supporting commercialization-linked technology development (R&BD) by the Convergence Innovation Support Group, and customized collaboration with industry-specific associations and organizations."

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