Public Recruitment for Support Projects Starts from the 1st via Su-eun Homepage... Selection Expected by Early July
Support for Initial Overseas Business Discovery Costs to Expand Order Opportunities
[Asia Economy Reporter Kangwook Cho] The Export-Import Bank of Korea (KEXIM) will directly support the costs of feasibility studies for domestic companies exploring overseas expansion. A feasibility study (F/S) refers to a comprehensive examination of the technical, financial, and legal viability required when pursuing overseas projects.
KEXIM announced on the 1st that it will conduct an "open recruitment for the selection of feasibility study support projects."
Typically, companies conduct feasibility reviews before full-scale project development, but the cost burden has made active project development difficult. Accordingly, KEXIM explained that it introduced this system to support the initial feasibility study costs for Korean companies, aiming to discover promising overseas projects early and enhance their competitiveness in securing contracts.
Additionally, small and medium-sized enterprises (SMEs) face difficulties entering overseas markets due to a lack of market information and personnel. By supporting related investigation costs, KEXIM has made it possible for SMEs to conduct sufficient preliminary reviews and market research when expanding abroad.
Earlier, KEXIM revised its operational manual in March and finalized related internal regulations last month. Starting with the first open recruitment on this day, applications will close on the 19th of this month, with project selection expected to be completed by early next month.
The main contents of this support system are twofold: △ support for feasibility study costs for large-scale overseas investment and development projects, and △ support for external service costs necessary for overseas market research and bid preparation for SMEs and mid-sized companies.
Applications for the project call are open across various fields including infrastructure, hospitals, ICT, pharmaceuticals and bio, cultural contents, and startups pursuing overseas market entry are also eligible for support.
KEXIM expects that the introduction of this new system will revitalize overseas business development for domestic companies, expand the pool of potential projects, and especially increase the likelihood of securing overseas projects as KEXIM participates from the early stages of project development.
A KEXIM official stated, "We made efforts to accommodate the demands of companies as much as possible during the introduction of this support system," adding, "Now, KEXIM has established a support system covering the entire project process for companies, from initial feasibility study support to business consulting, financial advisory, loans, guarantees, and equity investment."
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