Collaboration between Small and Medium Business Technology Information Promotion Agency and Korea Trade Insurance Corporation
[Asia Economy Reporter Kim Daeseop] The Small and Medium Business Technology Information Promotion Agency announced on the 4th that it will select participating companies through applications for the export support program and begin support from mid-month.
This program was established last November through collaboration between the Agency and the Korea Trade Insurance Corporation to strengthen the ecosystem for global corporate growth by pioneering overseas markets for innovative R&D products developed by small and medium venture businesses.
Many small and medium venture companies conducting R&D projects have little or no experience in pioneering overseas markets. This program provides customized support for issues difficult to resolve at the individual company level, such as risks of export payment collection, lack of export execution funds, and difficulties in verifying buyer creditworthiness.
A total of 105 companies were selected, including 39 in the first round and 66 in the second round this year. Additional applications will be accepted and supported around November. Selected companies will receive various detailed support programs, including export enterprise risk management provided by the Trade Insurance Corporation, under customized preferential conditions. The Agency and the Trade Insurance Corporation plan to support up to 150 companies for a maximum of 12 months.
Lee Jaehong, Director of the Agency, stated, "Despite the difficult conditions caused by the decline in Korea's exports due to COVID-19, we will actively support innovative products developed through government-supported R&D projects to boldly pioneer overseas markets rather than the domestic market by providing customized support such as trade insurance, enabling them to grow into global companies."
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