Jungjingong Supports SME Overseas Expansion with Overseas Private Networks
Recruitment of Second Round Participating Companies for Overseas Branch Project Until the 15th
The Small and Medium Business Corporation announced on the 5th that it is recruiting small and medium-sized enterprises (SMEs) to participate in the '2024 Overseas Branch Establishment Project Phase 2'. The Overseas Branch Establishment Project supports SMEs that lack the capacity to set up branches overseas by acting as local branches on their behalf, assisting companies wishing to expand abroad with exports and localization. The project is carried out by the Small and Medium Business Corporation, KOTRA, and the World-OKTA (World Federation of Overseas Korean Traders Associations). It operates with a total budget of 29.7 billion KRW, providing subsidies covering about 60% of the participating companies' project costs.
The Small and Medium Business Corporation plans to recruit and support 365 SMEs this year. Additionally, it designates global specialized companies as overseas private networks to provide necessary services for entering overseas markets, such as local consulting and marketing. The designated overseas private networks offer various localization services including technology export and partnerships, targeted entry by product or item, global value chain entry, overseas patents, and certifications. Currently, 159 companies are active as overseas private networks in 36 countries worldwide.
Since 2021, the Small and Medium Business Corporation has supported a total of 5,657 SMEs in overseas expansion and export promotion through the overseas private networks. In particular, last year alone, it supported 307 companies, achieving export results worth 218 million USD.
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Ahn Jeong-gon, Director of Global Growth at the Small and Medium Business Corporation, stated, “The Small and Medium Business Corporation will assist SMEs in expanding overseas together with private specialized companies supporting global expansion,” adding, “We hope that the Overseas Branch Establishment Project will serve as a catalyst for SMEs facing difficulties due to the uncertain economic environment to pioneer overseas markets and expand exports.”
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