Government Invests 215.4 Billion KRW to Support Overseas Exports of Small and Medium Enterprises

Strengthening Online Export Support Policies and Focusing on Resolving Logistics Challenges
Ministry of SMEs and Startups: "We Will Implement Various Policy Efforts to Support SME Exports"

Minister Park Young-sun of the Ministry of SMEs and Startups Photo by Yonhap News

[Asia Economy Reporter Kim Suhwan] To revitalize the small and medium-sized enterprises (SMEs) economy, which has been weakened by the novel coronavirus disease (COVID-19), the government will directly support these companies' overseas expansion. Approximately 210 billion KRW will be invested to strengthen online export support and resolve logistics difficulties for overseas exports.

According to the Ministry of SMEs and Startups on the 11th, a total of 215.4 billion KRW, an increase of 16.9 billion KRW from the previous year (198.6 billion KRW), will be invested throughout this year to help SMEs recover their exports after COVID-19.

An official from the Ministry of SMEs and Startups stated, "Since the second half of last year, the export recovery trend of SMEs has become visible," adding, "To sustain this trend, various policy efforts will be actively implemented, including not only online export support policies but also expanding sales channels for the SME joint brand 'BrandK' products."

To respond to the untact environment spreading due to COVID-19, export support through non-face-to-face methods such as overseas e-commerce markets and live commerce will be expanded, and online export support policies such as non-face-to-face video consultation meetings and on/offline linked export consortium support will be strengthened. Additionally, to assist SMEs facing difficulties in securing shipments and rising air freight costs due to COVID-19, priority allocation of export volumes and support for logistics freight costs will be provided.

Furthermore, 6.2 billion KRW, a significant increase from 400 million KRW the previous year, will be invested in the BrandK project, the SME joint brand, and active support will be provided to expand product sales channels through influencer marketing support and BrandK store operations. Infrastructure for overseas expansion will also be built in parallel through the Korea Startup Center and export incubators.