Home&Shopping announced on the 11th that it signed a Memorandum of Understanding (MOU) with the Foundation for Cooperation between Large, Small and Medium Enterprises and Agriculture, Forestry and Fisheries to support overseas market development for small and medium enterprises. From the left, Hyungrak Kim, Head of SME Growth Support Office at Home&Shopping, and Shinwook Kook, Director of Planning and Coordination at the Foundation for Cooperation between Large, Small and Medium Enterprises and Agriculture, Forestry and Fisheries. [Photo by Home&Shopping]
[Asia Economy Reporter Junhyung Lee] Home&Shopping announced on the 11th that it signed a Memorandum of Understanding (MOU) with the Foundation for Cooperation between Large, Small and Medium Enterprises and Agriculture and Fisheries to support overseas market development for small and medium-sized enterprises (SMEs). The signing ceremony, held at Home&Shopping headquarters located in Gangseo-gu, Seoul, was attended by Kim Hyung-rak, Head of SME Growth Support Office at Home&Shopping, and Guk Shin-wook, Director of Planning and Coordination at the Foundation for Cooperation between Large, Small and Medium Enterprises and Agriculture and Fisheries.
Since 2019, Home&Shopping has been supporting overseas market development for domestic SMEs by establishing a win-win cooperation fund with the Foundation. Home&Shopping supports overseas marketing activities and market development for SME partners through its own network and infrastructure.
The scale of support has been expanding every year. Home&Shopping contributed 100 million KRW in 2019 and 150 million KRW last year to support SMEs’ entry into overseas home shopping channels. This year, Home&Shopping plans to increase the support fund to 400 million KRW and diversify support by newly planning projects such as ▲startup cultivation ▲support for entry into overseas online shopping malls ▲CEO education support programs for SMEs.
The overseas home shopping support project is not a one-time marketing promotion but leads to actual exports by participating companies, receiving positive responses from exporting SMEs. In particular, since Home&Shopping directly purchases and sells products from exporting SMEs, companies can omit complicated procedures such as inventory, delivery, customs clearance management, and product information registration, which has increased satisfaction among participating companies. Home&Shopping explained that products with excellent broadcasting performance can secure sustainable overseas sales channels, which has attracted high interest from companies.
Last year, 15 SME products that were recognized for their product quality in Korea through Home&Shopping, including ▲Labiotte Collagen Mask Pack ▲Mood Matcher Lipstick ▲Bareun Angel Hair, were launched on Taiwan’s Momo Home Shopping, exporting over 1 billion KRW.
A Home&Shopping official said, "We expect this agreement to help SMEs struggling with market development due to COVID-19," adding, "We will continue to develop various win-win programs that can grow together with not only SME partners but also local communities."
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