Jungjin Gong, Recruiting Companies for 'Overseas Branch Project'... Budget 30 Billion

Published 23 Mar.2020 09:11(KST)

Panoramic View of the Small and Medium Business Corporation

[Asia Economy Reporter Kim Daeseop] The Small and Medium Business Corporation announced on the 23rd that it is recruiting companies to participate in the 'Overseas Branch Project,' which supports small and medium-sized enterprises (SMEs) and mid-sized companies in entering overseas markets and promoting exports.

The Overseas Branch Project is a program that acts as a local branch for SMEs and mid-sized companies that lack the capacity to establish branches overseas, supporting exports and entry into foreign markets. The annual budget for this year is 30 billion KRW.

Eligible applicants for the Overseas Branch Project are SMEs and mid-sized companies under the Framework Act on Small and Medium Enterprises and the Special Act on the Promotion of Growth and Competitiveness of Mid-sized Companies, with approximately 65% of the project cost supported. The Small and Medium Business Corporation provides services such as overseas private networks, market research, buyer discovery, entry into local distribution channels, technology partnerships, and corporation establishment.

The recruitment period for the Overseas Branch Project is from the 30th of this month to the 8th of next month. Applications can be submitted through the Export Support Infrastructure Utilization Project website. Companies wishing to participate in the Overseas Branch Project can select their desired services, target regions, and executing agencies. The executing agencies are the Small and Medium Business Corporation, KOTRA, and the World Federation of Overseas Korean Traders Associations.

The Small and Medium Business Corporation plans to actively support the globalization of 370 SMEs and mid-sized companies this year.

Park Seongon, Director of the Global Business Division at the Small and Medium Business Corporation, said, "A strategy to utilize overseas private networks as local business hubs is necessary for global expansion," adding, "We expect this to be a good opportunity for small and medium venture companies struggling due to COVID-19 to pioneer overseas sales channels and enter the global market."