Ministry of SMEs Partners with Lotte to Support Global Expansion of Small and Medium Enterprises and Small Business Owners

Signing of Tripartite Business Agreement for Overseas Expansion of SMEs and Small Business Owners with Large Corporations

The Ministry of SMEs and Startups announced on the 10th that it has signed a tripartite business agreement with Lotte Mart and Lotte Global Logistics to support the overseas expansion of small and medium-sized enterprises (SMEs) and small business owners.

The main content of this agreement is to establish a mutual cooperation relationship among the three parties and to provide distribution and logistics infrastructure necessary for SMEs and small business owners to expand overseas. To this end, Lotte Mart will support promotional events necessary for localization, such as demonstrations and sales of SME and small business products using overseas sales spaces, as well as marketing and consulting.

Lotte Global Logistics plans to offer discounts on international transportation services required for overseas expansion, establish logistics strategies tailored to product characteristics, and provide consulting related to cost reduction. If necessary, it will also provide services such as product storage and management through local overseas warehouses.

The Ministry of SMEs and Startups will actively support outstanding SMEs and small business owners wishing to expand overseas by discovering them through the SME Distribution Center and collaborating with domestic and international support organizations, including local diplomatic missions, as well as private channels such as finance and legal services.

Furthermore, it plans to lay the groundwork for participating companies' overseas expansion by holding the Donghaeng Festival overseas in September to promote and advertise SME and small business products through local distribution networks.

Oh Young-joo, Minister of SMEs and Startups, said, “Through this business agreement, we expect to provide a foothold for our high-quality SME and small business products, which are recognized domestically, to enter overseas markets. Starting with the Donghaeng Festival to be held in Vietnam in September, I hope it will greatly help SMEs and small business owners to pioneer overseas sales channels.”

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