Minister Oh Young-joo: "We will establish a dedicated department within the Ministry of SMEs to support the overseas expansion of small and medium enterprises"

Oh Young-joo, Minister of SMEs and Startups, visited Busan on the 14th and promised to expand the overseas advancement of small and medium-sized enterprises (SMEs).

On the same day, Minister Oh held a meeting with SMEs advancing overseas at the Busan Small and Medium Business Administration. Busan is the city with the largest number of exporting SMEs outside the metropolitan area, leading regional SME exports with the highest export performance.

Oh Young-joo, Minister of SMEs and Startups, is explaining the main policies of the Ministry at the 2024 Policy Direction Briefing held on the 11th at the Korea Federation of SMEs in Yeouido, Yeongdeungpo-gu, Seoul. Photo by Jo Yong-jun jun21@

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The meeting included SMEs that have directly entered overseas markets and experienced local market changes, providing various opinions.

The representative of a company that was pursuing the establishment of a corporation in Indonesia said, “We proceeded with the advice of local legal experts to establish a corporation overseas, but it is quite burdensome for SMEs lacking funds and expertise,” adding, “There is a need for government-level policies to guide and assist SMEs in establishing corporations and settling locally in countries where they mainly advance.”

Other opinions included expanding government support for export beginner companies and the need for support measures for damages caused by political and economic instability in the countries of advancement.

In response, Minister Oh announced plans to ▲ provide mid- to long-term support for SMEs' capabilities to respond to the global environment by adding to existing marketing support ▲ build an effective and systematic support system by combining the support capabilities of related public institutions and the private sector ▲ establish a dedicated department within the Ministry of SMEs and Startups and revise related laws and systems.

Minister Oh said, "We plan to announce strategies for the overseas advancement and export expansion of our SMEs within the first half of the year."

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