KOTRA Promotes Customized Export Support Project for K-Services

Support Expanded to 50 Companies Across Various Fields

The Korea Trade-Investment Promotion Agency (KOTRA) announced on the 14th that it has selected 50 companies to participate in the ‘2023 Service BM Overseas Expansion Support Project’ and held a launch ceremony to support the export of the service industry, which is emerging as a promising export sector.

This project aims to successfully assist domestic companies in expanding overseas through step-by-step customized support such as consulting, localization infrastructure establishment, and buyer matching. Since the service industry is an integrated production and consumption industry where consumption occurs at the place of production, localization of services according to local regulations and culture is essential for overseas expansion.

Reflecting the demand from domestic companies, KOTRA increased the scale of support this year from 40 to 50 companies. In addition, it plans to provide various supports focusing on four promising export sectors: content, franchise, edu-tech, and ICT services. It will help pioneer new overseas markets by linking with 28 KOTRA overseas service hubs in Southeast Asia, China, the United States, and other regions.

Jung Wooyoung, Head of KOTRA’s Innovation Growth Division, said, “Service exports require very important preparation processes such as selecting target markets, localizing by country, and registering intellectual property rights (IP). We will continue to discover related support projects so that our companies can overcome overseas expansion barriers such as local regulations and culture and successfully settle in the global market.”

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