Jungjingong and Alibaba.com Join Hands to Support SMEs' Global Expansion

Establishment of Dedicated Pavilion for Korean SMEs
Joint Promotion of Online Exhibitions and Training Programs

At the non-face-to-face business agreement ceremony held on the 29th, Kim Moon-hwan, Head of the Global Growth Division at Jungjin Corporation (right), is taking a commemorative photo.

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Lee Young, hereinafter referred to as the Ministry) and the Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 30th that they will collaborate with Alibaba.com, a global B2B (business-to-business) platform, to support the activation of online exports by domestic small and medium-sized enterprises (SMEs) and startups.

SBC and Alibaba.com signed a "business agreement to strengthen the global expansion of export SMEs." Alibaba.com is a global B2B online shopping mall operated by China's Alibaba Group. It has over 34 million buyers and more than 200 million global products registered. In the past two years, the number of overseas buyer visits has increased by 130%, and the number of buyers who completed transactions has increased by more than 140%.

Through this agreement, both organizations will actively cooperate in ▲ establishing and operating a dedicated pavilion for excellent domestic SMEs and startups products within Alibaba.com (Korea Pavilion) ▲ hosting online exhibitions ▲ e-commerce capacity-building education ▲ promotional marketing, among other activities. Additionally, SBC plans to support the entire process from onboarding excellent companies and products onto Alibaba.com, promotion, discovering overseas buyers, to after-sales management of purchase inquiries and successful transactions.

Kim Moon-hwan, Head of Global Growth Division at SBC, said, "Following the acceleration of digital transformation after COVID-19, the global e-commerce market size is rapidly expanding," adding, "We will actively support excellent domestic SMEs and startups to successfully enter overseas markets by utilizing online platforms, using this agreement with Alibaba.com as a stepping stone."