Government launches export support programme in South Korea
Goal is to develop 500 key exporters with annual exports of at least $10m.
"Amid growing external uncertainty, it is critical to build a broader base of export stars that each generate at least US$10m in annual exports and form the backbone of Korea's exports."
Those were the words of Ministry of Trade, Industry, and Resources (MOTIR) Minister JK Kim when MOTIR launched K-Export Star 500, a customised export support programme to be run by the government until 2030.
For each year of the scheme, the goal is to help 100 companies become "export stars" through funding and integrated support in the areas of marketing, finance, certification, technology, and research & development.
The following export support agencies will work with the government in running the programme:
- Korea Trade-Investment Promotion Agency
- Korea Trade Insurance Corporation
- Korea Conformity Laboratories
- Korea Institute for Advancement of Technology
- Korea Planning & Evaluation Institute of Industrial Technology
"The government and the five export support agencies will work as one team to build an export support system that responds quickly to company needs," added Minister Kim, who chaired the K-Export Star 500 sector roundtable that was held before the launch ceremony in Seoul.
Topics discussed during the roundtable include challenges faced by Korean businesses in entering overseas markets.
