'Export Plus' Pan-Government Overseas Marketing Support... 68 Billion Won Invested

The government is consolidating its overseas marketing capabilities to achieve positive export growth. It plans to strengthen the promotion of Korean companies by investing a budget of approximately 68 billion KRW.

On the 14th, the Ministry of Trade, Industry and Energy decided this through the '2023 Overseas Marketing Policy Council,' attended by related ministries, local governments, and export-related organizations. The council agreed on the need to expand government-wide overseas marketing support to revitalize companies amid severe export conditions, such as the prolonged trade deficit. Accordingly, they shared trends in overseas exhibitions following the COVID-19 endemic and support plans for participation in overseas exhibitions and trade delegations by related ministries and local governments, and discussed measures to strengthen government-wide support.

First, related ministries and local governments plan to invest 68.2 billion KRW to support the participation of a total of 6,835 companies in Korean pavilions at overseas exhibitions. They will focus overseas marketing support on major export items such as machinery and bio-medical devices, centering on consumer goods like food and beauty products (51.1%) that have a strong overseas marketing effect.

To enhance outcomes, they will promote unified booth design and common BI usage for Korean pavilions, and when participating in integrated Korean pavilions, they will discover potential buyers using big data and strengthen on-site promotional functions for participating companies by holding linked conferences within the pavilion. Additionally, they will expand K-Expos leveraging the industrial influence of Hallyu content and promote linked programs such as B2C (business-to-consumer) experience programs and B2B (business-to-business) export consultation meetings.

To improve export companies' accessibility to government support information for overseas exhibitions, support information from ministries and local governments will be integrated and provided on the Global Exhibition Portal (GEP). In the mid-to-long term, the establishment of a government-wide integrated platform for overseas exhibition support will be considered. Trade delegations will be consolidated based on similar regions and product categories to expand buyer scale and enhance effective consultations, thereby solidifying project outcomes.

Kim Wanki, Director of the Trade and Investment Office at the Ministry of Trade, Industry and Energy, said, "With the endemic, demand for overseas marketing such as participation in overseas exhibitions and trade delegations is increasing among companies that lacked opportunities for export marketing." He added, "In response, related ministries, local governments, and export-related organizations must join forces to fully support export marketing."

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