Nurturing 'K-Export Stars' with Exports Over $10 Million... Government to Provide Customized Support of Up to 560 Million Won

Ministry of Trade, Industry and Energy Launches 'K-Export Star 500'

Goal to Nurture 500 Core Export Companies by 2030

Integrated Support for Marketing, Finance, Certification, and R&D

On the 12th, at the K-Export Star 500 Launch Ceremony held at Botemagamazio La Foresta Hall in Seongdong-gu, Seoul, Kim Jung-kwan, Minister of Trade, Industry and Energy (center), along with officials from various organizations and companies, participated in the ceremony. Ministry of Trade, Industry and Energy.

The government is launching a full-scale initiative to nurture 'Export Star Companies' with exports exceeding 10 million dollars, aiming to alleviate the polarization in exports and foster mid-sized export companies. Through package support that integrates marketing, finance, certification, and research and development (R&D), the goal is to cultivate 500 core export companies by 2030.

The Ministry of Trade, Industry and Energy held a launch ceremony and business meeting on the 12th in Seongsu-dong, Seoul, with the participation of 100 promising export companies selected for this year's 'K-Export Star 500' program and related organizations.

'K-Export Star 500' is a new initiative established this year to provide focused support to small and medium-sized enterprises with high growth potential, fostering them into core export companies with exports exceeding 10 million dollars. The government plans to nurture a total of 500 companies from this year until 2030.

Since January, the Ministry has been recruiting participating companies, and after screening and evaluation, 100 promising companies in the consumer goods, key industries, and high-tech sectors were selected as this year's support targets.

By sector, consumer goods accounted for the largest share with 43 companies. Specifically, there are 29 K-beauty companies, 4 bio companies, 9 food and distribution companies, and 1 fashion company. In the key industries sector, 36 companies were selected, including 23 machinery and components companies, 9 automotive and mobility companies, and 4 aerospace and shipbuilding companies. In the high-tech sector, a total of 21 companies were included: 18 AI, digital, and electronic companies, and 3 semiconductor and secondary battery companies.

The government will provide support of up to 560 million won per company for up to three years. Five export support organizations—KOTRA, Korea Trade Insurance Corporation, Korea Conformity Laboratories (KCL), Korea Institute for Advancement of Technology (KIAT), and Korea Institute of Industrial Technology Evaluation and Planning (KEIT)—will collaborate to provide customized support throughout the entire export process, including marketing, finance, certification, and technology development.

At the business meeting held that day, representatives from seven leading companies in each industry attended and conveyed to the government the challenges faced in the field, such as acquiring overseas certifications and conducting joint local marketing.

At the subsequent launch ceremony, the Ministry and the five organizations signed a digital agreement to form the 'K-Export One Team.' They agreed to link each institution's support functions to establish an integrated support system tailored to company needs and to officially launch the 'Export Star Makers' cooperation system.

Kim Jung-kwan, Minister of Trade, Industry and Energy, stated, "In a situation where external uncertainties are intensifying, it is extremely important to strengthen the core of our exports by nurturing export star companies with exports exceeding 10 million dollars." He added, "The government and the five export support organizations will work as one team to establish an export support system that responds swiftly to the needs of companies."

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